Ford Otosan (FROTO) Kocaeli Facilities Visit Note

Yesterday, we visited the tooling, stamping, welding, assembly, and battery areas at Ford Otosan's Gölcük and Yeniköy factories in Kocaeli. Afterwards, we met with company executives to evaluate Ford Otosan and sectoral developments. The factories located in Gölcük and Yeniköy, Kocaeli, serve as a comprehensive automotive innovation center where next-generation electric commercial vehicle projects are implemented, new technologies are developed, and modern production methods are utilized. FROTO aims to enhance its electric commercial vehicle production capacity at the Gölcük and Yeniköy factories and to improve its production processes in line with its goal of becoming carbon neutral by 2030. In Q2 2024, the company reported a net profit of TL6bn and is currently trading at a market multiple of 12.70x EV/EBITDA.