Ankara:The Türkiye Wealth Fund is poised to become the largest shareholder of Turkish electric carmaker Togg following a restructuring of the company's ownership, as announced by the fund. This strategic change aligns with Türkiye's objectives of advancing high value-added production and establishing a robust global mobility and technology brand.

According to Anadolu Agency – English, the restructuring includes a share transfer agreement involving the transfer of shares held by AG Anadolu Grubu Holding and Vestel Elektronik in Togg to the Türkiye Wealth Fund and Turkcell. This new ownership structure emerged from a mutually agreed process among Togg's founding partners, marking a significant step in carrying forward the institutional expertise and capabilities accumulated since the company's inception.

Togg has made substantial progress in the Turkish electric vehicle market, capturing a 31% market share with sales of 37,426 vehicles in the first nine months of the year. The addition of the Türkiye Wealth Fund as a shareholder is seen as a critical move towards achieving the fund's goal of promoting domestic investments that align with Türkiye's strategic priorities.

The investment in Togg is part of a broader strategy to enhance Türkiye's high value-added production capacity, technological capabilities, and support for globally competitive brands. This partnership is expected to further Togg's growth and technological development, contributing to Türkiye's long-term mobility and technology aspirations.

The share transfer agreement signifies the beginning of a new era for Togg, building upon the foundation laid by its founding partners. The collaboration aims to strengthen Togg's technological capabilities and competitiveness, fostering the brand's growth both domestically and internationally. As part of the National Technology Move, Togg will continue to operate under the new partnership structure, advancing its role in Türkiye's global mobility and technology objectives.