TOGG leads Türkiye’s electric vehicle market with record sales
Employees work on a car assembly line at a factory of Togg at the Gemlik Togg Technology Campus, Bursa, northwestern Türkiye, May 17, 2024 (AFP Photo)
In August 2024, Türkiye’s automotive market saw the highest sales figures ever recorded for the month, with 90,134 units sold.
Togg leads Türkiye’s electric vehicle market with record sales, securing its position as the top-selling brand. Among the top sellers was Türkiye’s own domestic electric vehicle (EV) manufacturer, Togg, which emerged as the leading brand in the electric car sector.
Data from the Automotive Distributors and Mobility Association (ODMD) confirms that one in every three electric cars sold in Türkiye is a Togg.
Togg sales outperform global EV brands, beating Tesla and BMW
Between January and August 2024, Togg achieved a sales figure of 14,849 vehicles, easily surpassing its closest competitors. The combined sales of six major international brands, including Tesla and BMW, amounted to 14,569 units.
Tesla followed with 4,552 units, while KG Mobility took third place with 3,192. BMW’s X1 model sold 1,836 units. This significant lead underscores the popularity of Togg in the local market, which contributed to a 94% increase in electric car sales across Türkiye, with a total of 47,032 units sold in the first eight months of the year.
According to electric vehicle market industry data, Togg’s domestic market share reached 31.57% in 2024. The numbers reflect the increasing trust in Togg’s EVs, not only for their design but also for their performance. Togg’s success is even more impressive when considering that “the six other top brands couldn’t reach Togg’s total sales combined,” as noted by a spokesperson from the industry.
August 2024 shows sharp decline in Togg sales
Despite the overall growth, August 2024 saw a significant slowdown for Togg, with only 601 vehicles sold. This is the lowest monthly sales figure for the company in over 14 months.
ODMD data confirmed this dip, and analysts have pointed to tightening monetary policies and macroprudential measures affecting Türkiye’s automotive market. The same industry data revealed that this drop in sales “is the lowest since July 2023.”
However, even with the slowdown, Togg remains the dominant player in Türkiye’s electric vehicle market. The company’s overall sales continue to shape the country’s growing EV market.
December 2023, for example, was a milestone for the company when it sold a record 6,011 vehicles in one month. The steady performance of the Togg brand has become a key feature of the automotive landscape in Türkiye.
Togg’s impressive revenue figures in Türkiye’s electric vehicle market
Since its first sales report in May 2023, Togg has made significant strides in establishing its dominance. By the end of 2023, Togg had sold 19,583 vehicles, further solidifying its leadership in Türkiye’s growing electric car market.
The Istanbul Chamber of Industry’s ISO 500 list reflected Togg’s financial success, reporting production sales of ₺24.3 billion ($715.11 million) in 2023. Togg’s revenue earned it the position of Türkiye’s 42nd largest company, a major milestone for the relatively young carmaker, which started production in October 2022.
The local market has responded positively to Togg’s continued growth. The company’s May 2024 sales reached 4,140 vehicles, demonstrating its ability to meet rising demand. As Togg continues to lead the charge in Türkiye’s EV market, industry experts will be watching closely to see how the company adapts to the evolving landscape and consumer preferences, especially amid economic changes.
