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Togg eyes listing shares abroad: CEO

Turkic States News 28 November 2022 10:11
TurkicWorld Daspina Hasanova
Togg eyes listing shares abroad: CEO

BAKU.TurkicWorld:

Türkiye’s first homemade electric car company Togg has plans to list on a stock exchange abroad, says Gurcan Karakas, its CEO, reports TurkicWorld with the reference to Hurriyet Daily News.

“Listing our shares has always been part of our plans. But our primary target is a stock market listing abroad,” he told a group of reporters at the company’s Gemlik facilities.

“We think we should do that on a large stock exchange with our share in the market at that time,” Karakas said without providing other details.

Togg plans to produce 20,000 C-SUV vehicles next year, and its plant will reach an annual production capacity of 100,000 vehicles but the capacity will later rise to 175,000 units as Togg starts to manufacture new models.

The inauguration of the Togg factory took place on Oct. 29 in the Gemlik district of the industrial province of Bursa, and the first car rolled off from the assembly line with a ceremony attended by President Recep Tayyip Erdogan.

“Of the 20,000 vehicles to be produced, 18,000 cars will be offered directly to consumers. Public institutions will buy a total of 30,000 Togg cars over 15 years, and they will be able to buy 2,000 cars each year,” Karakas said.

Pre-orders will be collected online starting February, he said, adding that they are working on a method as to how to select the buyers, with a draw or based on application date. “Maybe both methods will be used.”

According to the company executive, some 1.8 billion will be invested in Togg by the end of 2023, including spending on its campus in Gemlik, in technology development.

“We are preparing ourselves to compete not locally but globally. In the future, we will also offer cars in the B segment. But probably our best-selling model will be the C-SUVs,” Karakas said.

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