Tofas Türk Otomobil Fabrikasi Anonim Sirketi (TOASO) Investor presentation summary

Company overview

• Joint venture between Koç Holding and Stellantis, with 24.3% free float and ~32% foreign ownership.

• Operates one of Stellantis' largest R&D centers in Europe and is the only Turkish manufacturer producing both passenger cars and light commercial vehicles.

• Headquarters in Istanbul, production and R&D in Bursa, with a plant capacity of 400,000 vehicles per year and a workforce of 6,025.

• Wide product range includes Fiat, Jeep, Alfa Romeo, Maserati, and Ferrari, with strong sales and service network across Turkey.

Strategic developments and partnerships

• Heads of Agreement with Stellantis to acquire Stellantis Turkiye Otomotiv for EUR400mn, consolidating all Stellantis brand activities in Turkey.

• Fiat Egea/Tipo contract extended to end-2025; Fiorino production to cease mid-2024.

• Stellantis will allocate production of the new KO model (mid-sized LCV) to the company, targeting a 2025 launch.

Operational performance (1Q24)

• Maintained domestic light vehicle market leadership with 13.5% share, despite increased competition and lower market share year-on-year.

• Export volumes rose 26% year-on-year, driven by strong penetration of Tipo/Egea in MENA.

• Total shipments declined 7% year-on-year to 59K units, with domestic shipments down 16% and exports up 26%.

• Production mix shifted to 69% passenger cars and 31% LCVs.