土耳其主权财富基金正在从这家电动汽车制造商的两名原始投资者手中收购Togg的股份，这些交易对土耳其总统雷杰普·塔伊普·埃尔多安（Recep Tayyip Erdogan）的标志性工业项目的估值为9.04亿美元。
Turkey’s sovereign wealth fund is buying stakes in Togg from two of the electric carmaker’s original investors, in deals that value President Recep Tayyip Erdogan’s flagship industrial project at $900 million.
根据周二提交的交易所文件，土耳其财富基金（简称TWF）正以1.84亿欧元（约合2.07亿美元）的价格从韦斯特尔电子工业贸易股份有限公司（Vestel Elektronik Sanayi ve Ticaret AS）手中收购23%的股份，并以未披露的价格从AG安纳托利亚集团控股股份有限公司（AG Anadolu Grubu Holding AS）手中收购另外12%的股份。
The Turkey Wealth Fund, or TWF, is acquiring a 23% stake from Vestel Elektronik Sanayi ve Ticaret AS for €184 million ($207 million) and another 12% from AG Anadolu Grubu Holding AS, according to exchange filings on Tuesday.
土耳其电信公司（Turkcell Iletisim Hizmetleri AS）正在从安纳托利亚集团手中收购另外11%的股份。TWF持有土耳其电信26.2%的股份。
Turkcell Iletisim Hizmetleri AS is buying a separate 11% stake from Anadolu. TWF owns 26.2% of Turkcell.
交易完成后，TWF将直接持有Togg 35%的股份，土耳其电信将持有34%。这两家实体合并后持有的69%股份意味着，国家将在一家最初围绕土耳其最大的一些私营企业集团建立的公司中占据主导地位。
Once the transactions close, TWF will directly own 35% of Togg and Turkcell will own 34%. The two entities’ combined 69% stake means the state will take a dominant position in a company originally built around some of Turkey’s largest private business groups.
商用及军用车辆私营制造商BMC汽车公司（BMC Otomotiv）持有Togg 23%的股份，其余8%由土耳其商会及商品交易所联合会（简称TOBB）持有。
BMC Otomotiv, a privately held manufacturer of commercial and military vehicles, owns 23% of Togg, while the remaining 8% is owned by the Union of Chambers and Commodity Exchanges, known by its Turkish initials TOBB.
这些收购标志着该项目发生了重大转变。该项目在埃尔多安敦促土耳其实业家打造一个本土品牌汽车后成形。他曾表示，国家需要一个“babayigit”——字面意思是勇士——来承担这个项目。
The takeovers mark a significant transformation for a project that took shape after Erdogan urged Turkish industrialists to create a domestically branded automobile. He said the country needed a “babayigit” — literally, a brave person — willing to take on the project.
一个财团的出现花了数年时间。安纳托利亚集团、土耳其电信、佐尔卢控股公司（Zorlu Holding）、BMC汽车公司和科克集团（Kok Group）与TOBB一同加入了该项目，为埃尔多安最引人注目的工业雄心提供私营部门的支持。科克集团于2021年退出了该合作伙伴关系。
It took several years for a consortium to emerge. Anadolu, Turkcell, Zorlu Holding, BMC and Kok Group joined the project alongside TOBB, offering private-sector support to Erdogan’s most visible industrial ambition. Kok Group left the partnership in 2021.
政府从一开始就密切参与其中。Togg获得了税收和投资优惠、位于盖姆利克的工厂用地以及政府对汽车采购的承诺。
The government was closely involved from the beginning. Togg received tax and investment incentives, land for its factory in Gemlik and state commitments for vehicle purchases.
在政府为抑制消费需求而使汽车信贷更难获得的时期，Togg凭借独家融资活动（包括零息贷款），已确立其国内市场电动汽车领先销售商的地位。
Togg has established itself as the leading seller of electric vehicles in its home market, helped by exclusive financing campaigns — including zero-interest loans — at a time when government efforts to curb consumer demand has made car credit harder to secure.
根据行业协会土耳其汽车经销商协会（ODMD）的数据，今年前10个月，该公司在土耳其售出44,187辆汽车，较去年同期增长61%。在此期间，整体汽车销量下降了15.3%。
The company sold 44,187 units in Turkey in the first 10 months of this year, according to data from industry association ODMD, a 61% increase from the same period last year. During that time, overall auto sales have declined by 15.3%.
Togg目前生产一款SUV和一款轿车。尽管它于2025年在德国开始销售汽车，但其在土耳其境外的销量仍然微不足道。
Togg currently produces an SUV and a sedan. Although it began selling vehicles in Germany in 2025, its sales outside Turkey remain insignificant.
对于韦斯特尔而言，此次出售正值这家电子制造商试图重组其债务以及将于2029年到期的5亿美元欧洲债券之际。
For Vestel, the disposal comes as the electronics maker tries to restructure its debt and a $500 million Eurobond due in 2029.
周二伊斯坦布尔股市交易中，韦斯特尔股价飙升10%，创下9月4日以来的最大涨幅。土耳其电信盘中跌幅一度达到2.9%，而安纳托利亚集团股价盘中涨幅一度达到7%。
Vestel surged 10% in Istanbul trading on Tuesday, its biggest gain since Sept. 4. Turkcell declined as much as 2.9% while Anadolu climbed as much as 7%.