Koç Holding and Stellantis N.V. announced that they aim to further expand their existing Tofaş joint venture in order to efficiently provide best-in-class products and services to customers and business partners and to increase operational potential in Turkey.
With the new strategic agreement signed, Tofaş acquires the entire capital of Stellantis Turkey distribution company Stellantis Otomotiv Pazarlama A.Ş. As a result, all Stellantis brands offered for distribution in Turkey - Alfa Romeo, Fiat, Citroën, DS Automobiles, Jeep®, Maserati, Opel and Peugeot - will be distributed by Tofaş.
Assembling all activities in Turkey under the same roof with the support of two powerful shareholders will pave the way for providing wider and more efficient products and services to the Turkish consumer, while allowing unprecedented synergies in commercial activities, production and R&D worldwide. New business opportunities are also foreseen to Tofaş's potential.
Koç Holding CEO Levent Çakıroğlu said, "We continue to recover of the earthquake disaster we experienced on February 6 and continue to do our part with determination. We believe that the investments to be made in our country are of great importance in overcoming this difficult period. This strategic investment; With its production volume, export performance and R&D competencies, our company carries Tofaş to a much more important point in the automotive sector. Tofaş, which is the leader in the automotive sector in Turkey, is expanding its targets and strengthening its claim with this new investment. This promising agreement, which took place during such a difficult period, reaffirms the faith of our community and partner in our country. With the added value that will emerge, we will continue to serve to increase the competitiveness of our country in automotive."
Carlos Tavares, CEO of Stellantis, said: "As Turkey strives to achieve a leading market share in the Middle East and Africa, Dare Forward is playing a critical role in our long-term strategic plan, Dare Forward, 2030." "Deepening our partnership with Koç will create synergy, increase value and grow market potential for Stellantis brands in all segments. Our joint venture with Tofaş, one of Turkey's leading industrial enterprises, is one of our important production and R&D centers. I would like to express my sincere gratitude to the teams working on this agreement for extending our leadership role beyond our more than 50-year history in a country that has shown the world its capacity to rebuild a sustainable future with hope and resilience in the current painful period that Turkey is facing."