Turkey’s sovereign wealth fund is set to take a stake in the country’s electric vehicle manufacturer TOGG, marking a strategic shift in ownership as Vestel and Anadolu—both previously involved—prepare to withdraw their investments. The move signals growing state-backed interest in bolstering Turkey’s domestic EV sector amid rising global demand for electric mobility. Industry analysts suggest the fund’s entry could provide TOGG with stronger financial backing and long-term stability. The decision also highlights Turkey’s push to reduce reliance on foreign automakers while developing its own electric vehicle industry.
EXCLUSIVE: Turkey's wealth fund to become shareholder in local EV maker TOGG, Vestel and Anadolu to exit Reuters
