Strategic Production Agreement Between Tofaş and Stellantis

Tofaş (TOASO) has signed a comprehensive agreement with Stellantis Europe S.P.A for the production of light commercial vehicles in Turkey. This collaboration includes the production of new "K0" model light commercial and "Combi" vehicles across multiple energy platforms for the FIAT, Opel, Citroën, and Peugeot brands. The agreement also encompasses the use of Stellantis' intellectual and industrial property rights. This production right granted to Tofaş strengthens the brand's position in Turkey and enhances its domestic production capacity.

Under the agreement, a total investment of 232 million euros (approximately 250 million dollars) aims to produce 1 million vehicles between 2024 and 2032. The distribution rights for the planned FIAT branded vehicles in Turkey have been awarded to Tofaş. If Tofaş takes over shares in Stellantis Automotive, they will also acquire the distribution rights for Peugeot, Citroen, and Opel brands in Turkey. This development will increase Tofaş's market activity, positioning it as a significant player in the sector.

Current Status of TOASO Shares

TOASO has been on a declining trend since July. In yesterday's trading, the stock fell by 3.33%, closing at 179.8 TL. As it retraces the gains from the first half of the year, it continues to experience an annual decline of 8.65%.