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Türkiye's domestic electric vehicle maker Togg's founding shareholders, Vestel and Anadolu Group, confirmed Monday that talks are underway over the potential sale of their combined 46% stake in the venture.
According to disclosures from both companies and Turkcell, which already holds a 23% stake in Togg and is reportedly set to join its parent, Türkiye Wealth Fund (TWF), in the potential acquisition, negotiations are continuing, and no binding agreement has been reached.
The disclosures follow an earlier report by Reuters that day that TWF and Turkcell are in talks to acquire the combined 46% stake held by Vestel and Anadolu Group. The report said the proposed deal would involve Turkcell adding another 23% stake, with TWF directly acquiring the remaining 23%.
Togg was founded in 2018 as Türkiye's first domestic electric vehicle brand, with BMC Otomotiv owning 23% and the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) holding the remaining 8%.
The company began serial production in April 2023 at its Bursa plant in northwestern Türkiye with the T10X model, becoming the country's sole domestic producer of electric vehicles.
Togg remains Türkiye's top-selling EV brand in the first seven months of 2026, with 25,848 vehicles sold, a 30.4% increase from the same period last year. The automaker sold 39,020 vehicles in Türkiye in 2025.
Following the T10X, the company launched its sedan model, the T10F, in September 2025 and has also unveiled plans to expand its lineup with the T6X, a more affordable model expected to launch in June 2027 at around ₺1.3 million ($26,936).
Despite its market position, Togg recorded a ₺14.6 billion net loss in 2025, compared with a ₺13.8 billion loss a year earlier, as research and development and marketing expenses continued to weigh on its financial performance.
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