Otokar signs $1.47 billion armored vehicle export deal

Turkish automotive and defense manufacturer Otokar has signed an export contract worth $1.47 billion to supply wheeled armored vehicles and integrated logistics support services, the company announced Thursday.

According to a disclosure filed with Türkiye’s Public Disclosure Platform, the agreement is valued at $1,472,080,360 and covers several types of wheeled armored vehicles.

Contract conditions and guarantees

The contract will enter into force after the required official approvals are secured, procedures for letters of guarantee are completed and an advance payment is received.

Otokar will provide letters of guarantee totaling $441.6 million to secure its contractual obligations and the advance payment.

Deliveries to begin in 2027

Vehicle deliveries are scheduled to start in 2027 and will be completed in batches over a three-year period. The contract will remain valid for seven years.