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Türkiye Wealth Fund (TWF), the country's sovereign wealth fund, and Turkcell, a telecommunications operator controlled by TWF, are in talks to acquire a combined 46% stake in Türkiye’s electric vehicle maker Togg from Vestel and Anadolu Group, Reuters reported.
Vestel and Anadolu Group each hold a 23% stake in the company, and TWF and Turkcell are expected to acquire their shares, the report said, citing officials familiar with the talks.
The value of the shares under discussion was not immediately available, and negotiations were still underway, with a final agreement expected to be reached soon, it added.
Following the report, Vestel's shares listed on Borsa Istanbul rose nearly 8%, while Turkcell's losses neared 5%.
Togg was founded in 2018 as the country's first domestic electric vehicle brand, under a shareholder structure that includes Vestel, Anadolu Group, Turkcell and BMC Otomotiv, each holding a 23% stake in the company. The remaining 8% is held by the Union of Chambers and Commodity Exchanges of Türkiye (TOBB).
The company produces fully electric vehicles at its technology campus in Gemlik, western Türkiye. Its lineup currently includes the T10X SUV and T10F fastback, with the T10X entering serial production in April 2023 and the T10F hitting the roads in September 2025.
Togg kept its position as 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.
The automaker is also preparing to expand its lineup with the T6X, a more affordable model planned for launch in June 2027 at around ₺1.3 million ($26,936), aimed at middle-income buyers.
However, despite its position as the market leader, the EV maker posted a ₺14.6 billion net loss in 2025, after recording a ₺13.8 billion loss a year earlier, as significant research and development and marketing expenses continued to weigh on its financial performance.
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