Vestel Elektronik and Anadolu Group Holding said Tuesday they are in talks about their shares in Türkiye's Togg, after a report claimed the companies were set to sell their stakes in the homegrown electric vehicle maker.
A Reuters report Monday suggested the companies were in discussions and that Türkiye's sovereign wealth fund TWF was set to become a Togg shareholder.
"Consistent with our investment policies and strategic objectives, discussions concerning the aforementioned shares are currently underway," Anadolu Group Holding said in a statement. "However, at this stage, no binding agreement has been reached to finalize a transaction."
Vestel's statement said no resolution had been adopted by its board regarding "the completion or finalization of the transaction."
After the news emerged, shares in another Togg shareholder Turkcell closed down 8.16%, while Anadolu Group Holding climbed 4.37% and Vestel Elektronik rose 3.05%. Turkcell was up 1.6% Tuesday, while the other two shares were broadly flat.
Togg was founded eight years ago after President Recep Tayyip Erdoğan called for the production of a fully locally funded passenger car.
Vestel Elektronik, Anadolu Group Holding, Turkcell and BMC Otomotiv each hold 23% stakes in the company. The Union of Chambers and Commodity Exchanges of Türkiye (TOBB) owns the remaining 8%.
The report Monday, citing sources, said Turkcell and TWF would buy the stakes held by Vestel and Anadolu Group but did not provide details on the value of the 46% stake. The sources said a final agreement was expected soon.
Turkcell said in a statement that discussions regarding the shares were ongoing. TWF declined to comment, while Togg did not respond to requests for comment.
The company is currently manufacturing the T10X SUV, introduced two and a half years ago, and the T10F fastback, launched last year, at its factory in the northwestern Bursa province.
Togg is also closing in on releasing the lower-cost B-SUV T6X model. Chair of the Board Fuat Tosyalı said Monday initial deliveries are planned to begin by the end of June 2027.
Togg sold 39,020 vehicles domestically last year and its sales in the first seven months of this year rose 30% year-over-year to 25,848 units, data from the Automotive Distributors and Mobility Association (ODMD) shows.
