Turkish electric vehicle maker, TOGG to build $3.7 billion factory

TOGG

TOGG, the Turkish electric vehicle maker has carried out a groundbreaking event for its car factory in the country.

Turkish President Erdogan attended the launch of Turkey’s groundbreaking TOGG electric car factory. The factory is expected to cost the company up to $3.7 billion.

According to the company, the factory will produce an average of 150,000 units of cars per year. The first car from TOGG will hit the market by 2022.

A statement by its CEO, Mehmet Gürcan Karakaş on its website he said: “Our project will contribute 50 Billion Dollars to our national GDP, 7 Billion Euros to current account trade deficit, in the 15 years following 2022 and employ 5,000 direct and 20,000 total employment.”

TOGG, or Turkey’s Automobile Joint Venture Group Inc. was founded as a joint venture in 2018. Anadolu Group, BMC Turkey, Kök Group, Turkcell and Zorlu Holding are major stakeholders under the umbrella institution TOBB. Each company has 19% shares and TOBB has 5% share.

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