Turkish EV brand TOGG dismisses sale rumors to China, eyes global expansion
Turkiye's electric car brand Togg's new sedan model T10F fastback unveiled during the CES 2024, the world's largest annual consumer technology trade on January 09, 2024 at the Las Vegas Convention Center in Las Vegas, Nevada, United States. (AA Photo)
Fuat Tosyali, the newly appointed Chairman of the Board of Türkiye’s Automobile Initiative Group (TOGG), dismissed claims that the company is being sold to the Chinese or other foreign investors.
Instead, he highlighted plans for significant growth under the new management and TOGG’s ambition to become a global technology brand.
No plans for sale, focus on growth
In an exclusive interview with Ekonomim, Tosyali firmly denied rumors that TOGG might be sold to Chinese investors. “Selling TOGG to the Chinese or any other group is not on our agenda. On the contrary, TOGG will grow significantly with the new management,” he said.
Tosyali emphasized that TOGG is thriving, with the company selling 17,049 vehicles in the first nine months of 2023. He also announced plans to introduce new models next year, accelerating the company’s growth.
Aiming for global expansion by 2025
TOGG’s leadership is preparing for the company’s first exports, set to begin in 2025. Tosyali described this as a major step toward establishing TOGG as a global technology brand.
He also addressed speculation about TOGG’s profitability, noting that the company’s sales are strong, with 2,200 units sold in September alone, making it Türkiye’s best-selling electric vehicle.
China’s interest in Türkiye’s automotive sector
Tosyali also discussed China’s growing interest in the Turkish automotive market, attributing it to TOGG’s success. “Last year, we opened orders for TOGG and announced that we would sell 20,000 cars.
A staggering 177,000 people pre-ordered,” he explained. According to Tosyali, Chinese companies began investing in Türkiye only after realizing the demand created by TOGG’s success.
Leadership changes at TOGG
The leadership transition at TOGG was finalized during the company’s Annual General Meeting held at its headquarters in Gebze.
The new board of directors includes prominent figures such as Ahmet Nazif Zorlu and Talip Altug Aksoy. At the board’s first meeting, Tosyali was appointed Chairman, while Zorlu was named Vice Chairman.
