Turkey's Competition Authority has approved the sale of the local distribution business of Stellantis NV to the Turkish company Tofas Turk Otomobil Fabrikasi for $400 million. This is reported in the Tofas press release.
To obtain regulatory approval, Tofas has entered into an agreement to invest 256 million euros ($291 million) in the production of a new model of Stellantis passenger car. In 2024, the Turkish regulator rejected the deal, citing insufficient commitments from the companies.
The annual production volume of the new car model will be 150 thousand units. Tofas intends to increase its total export production capacity to 200-220 thousand units, along with other ongoing projects, by 2027.
Upon completion of the deal, Tofas will receive distribution rights for the Stellantis, Peugeot, Citroen, Opel and DS Automobiles brands in Turkey, which is a key market for both companies.
Tofas manufactures sedans and light commercial vehicles at its plant in Bursa and is jointly owned by Stellantis and Koc Holding AS, Turkey's largest conglomerate. In 2025, Stellantis intends to introduce ten completely new models.
Tofaş Türk Otomobil Fabrikasi A.Ş is a Turkish manufacturer of passenger cars with headquarters in Bursa (Turkey). Tofaş is the only car manufacturer in Turkey that produces passenger cars and light commercial vehicles. The staff consists of about 7 thousand employees. The annual production of cars reaches 400 thousand units under the brands Fiat, Citroen, Peugeot, Opel and Vauxhall.
Stellantis NV is a Dutch multinational automobile manufacturing corporation. The company was formed in 2021 as a result of the merger of the Italian-American automaker Fiat Chrysler Automobiles (FCA) with the French company Groupe PSA. The corporation owns 14 brands: Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS, Fiat, Jeep, Lancia, Maserati, etc. In 2024, revenue fell by 17% to 157 billion euros, while car sales declined by 12%. The headquarters is located in Hoofddorp (the Netherlands).
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