TOFAŞ 2023 ANNUAL REPORT
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TÜRKİYE’S LEADING AUTOMOTIVE COMPANY

THROUGH ITS COMMITMENT TO TECHNOLOGY, DIGITALIZATION, QUALITY, AND EFFICIENCY, TÜRKİYE’S LEADING AUTOMOTIVE COMPANY TOFAŞ CONTINUES TO CREATE VALUE FOR THE COUNTRY’S ECONOMY, INDUSTRIAL BASE, AND R&D KNOW-HOW.

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5 YEARS THE MARKET LEADER

STRENGTHENING ITS POSITION ACROSS ALL THE BRANDS IN ITS PORTFOLIO, TOFAŞ REMAINED THE HOME MARKET LEADER FOR THE FIFTH YEAR IN A ROW.

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SIGNIFICANT SHARE OF TÜRKİYE AUTOMOTIVE INDUSTRY PRODUCTION

IN 2023 TOFAŞ ACCOUNTED FOR A 16% SHARE (239,428 VEHICLES) OF TÜRKİYE’S AUTOMOTIVE INDUSTRY PRODUCTION.

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R&D ECOSYSTEM STRENGTHENED BY TECHNOLOGY LEADERSHIP

THE TOFAŞ R&D CENTER’S END-TO-END VEHICLE-DEVELOPMENT CAPABILITIES AND HIGH-TECH LABS MAKE IT TÜRKİYE’S BEST AUTOMOTIVE R&D CENTER AND A MAJOR EXPORTER OF ENGINEERING SERVICES FOR PRODUCT-DEVELOPMENT PROJECTS AROUND THE WORLD.

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AMBITIOUS LOW-CARBON ECONOMY TRANSITION GOALS

TOFAŞ PLANS TO REDUCE CARBON EMISSIONS BY 50% BY 2030 AS PART OF THE TRANSITION TO A LOW-CARBON ECONOMY. TO ACHIEVE ITS 2050 NET ZERO GOAL, THE COMPANY WILL FOCUS ON USING SUSTAINABLE MATERIALS, INCREASING PRODUCT ELECTRIFICATION, IMPROVING ENERGY EFFICIENCY, AND EMBRACING CIRCULAR ECONOMY PRINCIPLES.

ABOUT TOFAŞ

Tofaş’s production capacity, export performance, R&D competencies, and workforce of nearly six thousand make it one of Türkiye’s leading industrial concerns.

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KEY FINANCIAL AND OPERATIONAL HIGHLIGHTS

In 2023 Tofaş bolstered its strong position in the Turkish automotive industry with TL 127.6 billion in sales and a home market share of 15.7%.

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INVESTOR RELATIONS

With their average trading value up by 164% in 2023, Tofaş’s shares significantly outperformed the 113% rise in the BIST 100 index last year.

164%

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AWARDS & RECOGNITIONS

Awards and recognitions Tofaş has received in 2023.

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COMMITMENT TO CORPORATE GOVERNANCE

FOCUSED ON THE PRINCIPLES OF TRANSPARENCY, HONESTY, ACCOUNTABILITY, AND FAIRNESS, TOFAŞ LEADS ITS SECTOR BY ADHERING TO THE HIGHEST STANDARDS OF BUSINESS ETHICS. THE COMPANY’S APPROACH TO RESPONSIBLE CORPORATE GOVERNANCE AND TO THE ONGOING DEVELOPMENT AND TRANSFORMATION OF ITS HUMAN RESOURCES SET IT APART.

CHAIR’S ASSESSMENT

YKB

As a corporate group that is almost as old as the Republic of Turkey itself, we have staunchly defended progressive Republican values for nearly a century and will continue to do so.

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CEO’S ASSESSMENT

CEO

Our company took steps that are crucially important to its future; it also achieved successful business results such that 2023 will be remembered as a significant year in its corporate history.
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