Koç Holding* and Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) today in Istanbul announced that their existing Tofaş** joint venture will acquire the entire share capital of Stellantis Otomotiv Pazarlama A.S., the Stellantis Türkiye distribution company.
As a result, all Stellantis brands available for distribution in Türkiye – Alfa Romeo, Fiat, Citroën, DS Automobiles, Jeep®, Maserati, Opel and Peugeot – will be distributed by Tofaş. The transaction, subject to requisite regulatory approvals, including the approval of the relevant competition authorities, is expected to close in the second half of 2023.
The agreement also outlines that:
- Stellantis will allocate the production of the “K0” model to Tofaş, in both mid-size light commercial vehicle and passenger car versions, planned for five brands with a target production launch from the beginning of 2025.
- The current Doblo production is planned to continue until the start of work on the production lines of the “K0” model in July 2023.
- Current Fiat Egea/Tipo project is extended until end of 2025.
“We are resolved to continue to play our part in healing the wounds of Türkiye’s 6th February earthquake disaster as we try to recover from the pain caused by the event. As Koç Group, we have a strong commitment to invest in our country, believing that the new agreement will also help to overcome this difficult period. This strategic investment, combined with Tofaş’s production volume, export performance and R&D capabilities, is taking the company to new heights in the automotive industry. As the leading automotive company in Türkiye, Tofaş will further expand its goals and strengthen its credentials with this new investment. The agreement is yet another confirmation of the Koç Group’s and our partner’s strong belief in our country at this difficult time. We will continue to do our best to increase the competitiveness of Türkiye in the automotive industry through the added value that will be generated,” said Koç Holding CEO Levent Çakıroğlu.
*Koç Holding
Dating back to 1926, Koç Holding, has become one of the largest and most successful groups in Turkey and in the region and the only Turkish company to be listed in Fortune Global 500 list. As of today, Koç Holding is Turkey’s leading investment holding company and Koç Group is Turkey’s largest industrial and services group in terms of revenues, exports, number of employees, taxes paid and total market capitalization on Borsa Istanbul. Koç Group has revenues that correspond to 9% of Turkey’s GDP and exports that comprise 7% of Turkey’s total exports. Koç Holding has positions in energy, automotive, consumer durables and finance sectors.
**Tofaş
Tofaş was founded in 1968 with 24.3% of Tofaş’s shares traded on the İstanbul stock exchange. Control of the remaining shares is divided equally between Koç Holding and Stellantis. Tofaş’s publicly-traded shares are also included in the İstanbul stock exchange’s Corporate Governance and Sustainability indexes. As one of Stellantis’s manufacturing and R&D centers, Tofaş says it creates added value for Turkey’s economy, industry, and R&D know-how by undertaking important roles in its parent’s global product-development projects. Tofaş’s plant produces Fiat Doblò and Fiorino ,as well as the Fiat Tipo / Egea family’s sedan, hatchback, station wagon and cross models. Tofaş offers a broad portfolio of brand and products in Turkey; as the distributor of Fiat, Fiat Professional, Alfa Romeo, Jeep®, Maserati, Ferrari brands.
Stellantis Sells Its Turkish Distribution Company
As a result, all Stellantis brands available for distribution in Türkiye – Alfa Romeo, Fiat, Citroën, DS Automobiles, Jeep®, Maserati, Opel and Peugeot – will be distributed by Tofaş. The transaction, subject to requisite regulatory approvals, including the approval of the relevant competition authorities, is expected to close in the second half of 2023.
The agreement also outlines that:
“We are resolved to continue to play our part in healing the wounds of Türkiye’s 6th February earthquake disaster as we try to recover from the pain caused by the event. As Koç Group, we have a strong commitment to invest in our country, believing that the new agreement will also help to overcome this difficult period. This strategic investment, combined with Tofaş’s production volume, export performance and R&D capabilities, is taking the company to new heights in the automotive industry. As the leading automotive company in Türkiye, Tofaş will further expand its goals and strengthen its credentials with this new investment. The agreement is yet another confirmation of the Koç Group’s and our partner’s strong belief in our country at this difficult time. We will continue to do our best to increase the competitiveness of Türkiye in the automotive industry through the added value that will be generated,” said Koç Holding CEO Levent Çakıroğlu.
*Koç Holding
Dating back to 1926, Koç Holding, has become one of the largest and most successful groups in Turkey and in the region and the only Turkish company to be listed in Fortune Global 500 list. As of today, Koç Holding is Turkey’s leading investment holding company and Koç Group is Turkey’s largest industrial and services group in terms of revenues, exports, number of employees, taxes paid and total market capitalization on Borsa Istanbul. Koç Group has revenues that correspond to 9% of Turkey’s GDP and exports that comprise 7% of Turkey’s total exports. Koç Holding has positions in energy, automotive, consumer durables and finance sectors.
**Tofaş
Tofaş was founded in 1968 with 24.3% of Tofaş’s shares traded on the İstanbul stock exchange. Control of the remaining shares is divided equally between Koç Holding and Stellantis. Tofaş’s publicly-traded shares are also included in the İstanbul stock exchange’s Corporate Governance and Sustainability indexes. As one of Stellantis’s manufacturing and R&D centers, Tofaş says it creates added value for Turkey’s economy, industry, and R&D know-how by undertaking important roles in its parent’s global product-development projects. Tofaş’s plant produces Fiat Doblò and Fiorino ,as well as the Fiat Tipo / Egea family’s sedan, hatchback, station wagon and cross models. Tofaş offers a broad portfolio of brand and products in Turkey; as the distributor of Fiat, Fiat Professional, Alfa Romeo, Jeep®, Maserati, Ferrari brands.