Turkish automotive and defence manufacturer Otokar announced on Thursday that it has entered into an export contract valued at $1.47 billion. The agreement involves the supply of various types of wheeled armoured vehicles along with integrated logistics support services.
In a formal disclosure to Türkiye’s Public Disclosure Platform (KAP), the company specified the total value of the deal as $1,472,080,360. The contract is set to remain in force for a duration of seven years.
Under the terms of the agreement, vehicle deliveries are scheduled to begin in 2027, with the process expected to be completed in batches over the following three years. The contract will officially take effect once several conditions are met, including the receipt of necessary official approvals, the completion of procedures for letters of guarantee, and the receipt of an advance payment.
To secure its contractual obligations and the advance payment, Otokar is set to provide the customer with letters of guarantee totaling $441.6 million.
