What İnci Holding does

İnci Holding is a privately held Turkish industrial conglomerate founded in 1952 by Cevdet İnci and headquartered in Izmir, operating 11 companies across 9 factories with 3,200 employees. The group is organized around three pillars: automotive supply (wheels and batteries), services (logistics and hospitality equipment), and technology (venture capital and energy storage). Core manufacturing subsidiaries include Maxion İnci and Maxion Jantaş for steel and aluminum wheel production with combined annual capacity exceeding 10 million units, İnci GS Yuasa as Turkey's largest battery producer operating 3 factories with 1,000 employees, and ISM Minibar for hotel refrigeration equipment. İnci Holding exports 60% of its production to more than 100 countries across six continents and serves global automotive OEMs and aftermarket dealers as primary customers, with logistics customers and hotel operators as secondary segments.

The group's technology platform spans multiple distinct layers. Maxion İnci operates steel and aluminum wheel production lines with a stated roadmap to convert all facilities to smart factories by 2030. İnci GS Yuasa operates Turkey's first R&D center in the battery sector alongside its three Manisa factories. ISM Minibar produces absorption cooling and Peltier-based hotel minibars offering energy-efficient, silent (0 dB) operation. Through VFlowTech, İnci has exposure to vanadium redox flow battery technology featuring 20-25 year lifespans and 4+ hour storage capacity for renewable integration. The Vinci B.V. venture capital arm has completed 9 early-stage investments across mobility, supply chain, energy management/storage, and Industry 4.0 in Turkey, Germany, the UK, and Singapore.

İnci Holding's revenue model combines one-time industrial sales (wheels, batteries, minibars, refrigeration units) with ongoing professional services through Yusen İnci Lojistik and managed venture investments via Vinci B.V. The company sells directly to global automotive OEMs through enterprise field sales, while distributing batteries through a Turkish aftermarket network of 110 main dealers, 150 energy experts, 260 authorized services, and 4,400 retail points. Pricing is not publicly disclosed and operates on B2B contract terms. The holding is family-controlled, currently led by Chairman Cihan Elbirlik (grandson of founder Cevdet İnci) and CEO Zeki Şafak Ozan, with key subsidiaries structured as joint ventures with international partners GS Yuasa (Japan) and Yusen Logistics (Japan).

Name

İnci Holding

Legal name

İnci Holding A.Ş.

Website

https://inciholding.com

Company type

Private

Founded year

1952

Operating status

Operating

Short description

İnci Holding is a privately held Turkish conglomerate founded in 1952, operating 11 companies and 9 factories across automotive wheel and battery manufacturing, logistics, hospitality cooling equipment, and technology venture investing, exporting to 100+ countries.

Ownership category

akta.pro rank

Product category

Automotive Components Manufacturing

NAICS

Industrial Machinery Manufacturing (33324)

SIC

Electrical Industrial Apparatus (3620)

akta.pro primary industry

Passenger Vehicle Electrical & Electronics Manufacturing (ICE) (IMACAAAK)

akta.pro secondary industry

Industrial Power & Energy Electronics Manufacturing Services (UPS, converters, inverters, chargers) (IMAGAGAI)

Keywords

• Automotive wheel manufacturing
• Battery manufacturing
• Logistics services
• Hotel refrigeration equipment
• Venture capital investments

Headquarters

HQ city

Izmir

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Automotive Supply Manufacturing: Production and sale of steel wheels, aluminum wheels, and automotive batteries through Maxion İnci, Maxion Jantaş, and İnci GS Yuasa. Major OEM supplier to automotive industry.
2. Logistics and Services: Yusen İnci Lojistik provides logistics, project transportation, and supply chain solutions. ISM Minibar produces hotel equipment. İncitaş handles sales and marketing of various automotive and energy products.
3. Venture Capital Investments: Vinci B.V. makes strategic investments in early-stage technology companies with corporate resources and industrial expertise

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

İnci Holding is a diversified Turkish conglomerate that primarily manufactures automotive steel and aluminum wheels (Maxion İnci, Maxion Jantaş) and automotive batteries (İnci GS Yuasa) for OEM and aftermarket customers. It also operates integrated logistics services (Yusen İnci Lojistik), hotel minibar and refrigeration equipment (ISM Minibar, Starcool), and a strategic venture capital arm (Vinci B.V.) targeting early-stage technology companies in mobility, supply chain, energy management/storage, and Industry 4.0.

Product overview

İnci Holding operates a diversified conglomerate across four primary domains: automotive supply (wheels and batteries), services (logistics and hotel equipment), technology (venture capital and energy storage), and social responsibility. The holding's core products are organized around its manufacturing subsidiaries: Maxion İnci (steel and aluminum wheels for passenger/light commercial vehicles) and Maxion Jantaş (steel wheels for commercial/heavy-duty vehicles) constitute the wheel manufacturing portfolio; İnci GS Yuasa (battery manufacturing with Turkey's largest production capacity) is the energy storage pillar; Yusen İnci Lojistik handles integrated logistics; ISM Minibar produces hotel refrigeration equipment; and Starcool manufactures vehicle refrigeration units. The technology arm includes Vinci B.V. venture capital and VFlow Tech (vanadium redox flow batteries in Singapore), with AZKarbon (energy efficiency marketplace) under İncitaş. Social initiatives are channeled through Cevdet İnci Eğitim Vakfı education foundation and İnci Akademi corporate training academy. The holding manages 11 companies, 9 factories, and 3,200 employees, exporting 60% of production to over 100 countries.

Differentiator

Problem solved

Functional benefit

Brands

• İnci Akademi: Corporate academy providing training in finance, leadership, sales-marketing, personal development, and technical topics; also offers programs for external industrial organizations.
• Cevdet İnci Eğitim Vakfı
• AZKarbon
• Vinci
• Maxion İnci
• Maxion Jantaş
• İnci GS Yuasa
• İnci Akü
• VFlow Tech
• İnci Vakfı
• İnci Aile Ofisi

Products and services

• Maxion İnci Çelik Steel Wheels Steel wheel manufacturing division producing wheels for passenger cars and light commercial vehicles, with annual capacity of 5 million units.
• Maxion İnci Alüminyum Aluminum Wheels Aluminum wheel manufacturing division for passenger cars and light commercial vehicles, with annual capacity of 4.5 million units. A first-in-Turkey aluminum truck wheel factory investment is underway.
• Maxion Jantaş Commercial Vehicle Wheels Steel wheel manufacturing for commercial and heavy-duty vehicles, with annual capacity of 3 million units. Equipped with smart technologies in its second factory commissioned at end of 2022.
• İnci GS Yuasa Batteries Battery manufacturing and sales joint venture with GS Yuasa, operating 3 factories in Manisa with 1,000 employees. Turkey's largest battery manufacturer, exporting to over 80 countries across 6 continents, with Türkiye's first R&D center in the battery sector.
• Yusen İnci Lojistik Combined logistics entity formed in April 2017 providing air cargo, sea cargo, warehousing, customs clearance, domestic/international transportation, order management, and project cargo services.
• ISM Minibar Hotel Refrigeration Equipment Hotel equipment manufacturer producing absorption cooling systems and Peltier minibars. Exports 70% of its products to over 57 countries across 5 continents. Holds TUV GS, TUV CB, SGS G-Mark, EAC, ROHS, and UL product certifications.
• İncitaş Automotive and Energy Product Distribution Manages sales and marketing of wheels (Maxion Jantaş and Alcar brands), batteries (Outdo and Fiamm brands), marine and outdoor mobile energy storage (Ecoflow and Zendure), and solar sector products (GoodWe storage solutions, Tsun microinverters).
• Vinci B.V. Venture Capital Venture capital company established in late 2018, operating as İnci Holding's strategic investor. Focuses on early-stage technology companies in mobility, supply chain, energy management/storage, and Industry 4.0 in Turkey, Germany, and the UK. Has made 9 investments in 5 years.
• Starcool Vehicle Refrigeration Vehicle refrigerator and kitchen unit manufacturer operating since 1997. Serves from a 12,000 m² production facility in Kocaeli Gebze with state-of-the-art machinery.
• VFlow Tech Vanadium Redox Flow Batteries Vanadium redox flow battery manufacturer offering batteries with 20-25 year lifespan, 4+ hour storage capacity, eco-friendly operation, scalability, and elimination of combustion and leakage risks.

Quantifiable outcome

• 60% of production exported to 100+ countries
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core.

• VFlowTechcoreStrategic or Co-development Partner · 1 December 2022İnci Holding became an investor in Singapore-based VFlowTech in December 2022, with a binding framework agreement to develop projects, production, sales, distribution, and maintenance services in the Turkish market for vanadium redox flow batteries.
• Vinci B.V.coreStrategic or Co-development Partner · 1 January 2018Vinci is İnci Holding's strategic venture capital company focused on early-stage technology investments in mobility, supply chain, energy management/storage, and Industry 4.0 sectors.
• Yusen LogisticscoreStrategic or Co-development Partner · 1 April 2017Yusen Logistics Turkey (YLTR) merged with İnci Holding's İnci Lojistik subsidiary to form Yusen İnci Lojistik ve Ticaret A.Ş. in April 2017, creating a strong alternative for customers seeking quality logistics and value-added services in Turkey.
• GS YuasacoreStrategic or Co-development PartnerJoint venture for battery production through İnci GS Yuasa with 3 factories and 1,000 employees in Manisa. İnci GS Yuasa is Turkey's largest battery manufacturer with exports to 80+ countries.

Scale indicators8 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Yusen Logistics: Japanese global logistics provider and JV partner with İnci Holding in Yusen İnci Lojistik. Directly comparable logistics service offering, with overlapping Turkish-market operations.
• GS Yuasa Corporation: Japanese global battery manufacturer and JV partner with İnci Holding in İnci GS Yuasa. Comparable automotive and industrial battery product line and global distribution footprint; İnci's battery segment effectively competes with and is co-owned by GS Yuasa.
• EnerSys: Global manufacturer of industrial batteries, power solutions, and related products. Comparable to İnci GS Yuasa's industrial battery business, with similar industrial / motive power customer segments.
• Exide Industries: India's largest battery manufacturer producing automotive and industrial batteries with global distribution. Comparable product portfolio (SLI/automotive and industrial batteries) to İnci GS Yuasa, including aftermarket distribution depth.
• Maxion Wheels: World's largest wheel manufacturer producing steel and aluminum wheels for passenger and commercial vehicles. İnci Holding's Maxion İnci and Maxion Jantaş subsidiaries are co-branded with Maxion, indicating a deep operating alliance and the closest direct competitor/partner in the wheel business.
• Borusan Otomotiv: Turkish automotive distributor and group with aftermarket, logistics, and mobility services. Comparable Turkish automotive ecosystem presence and customer overlap with İnci Holding's automotive supply and logistics businesses.
• CITIC Dicastal: China's largest and one of the world's largest aluminum wheel manufacturers, serving global automotive OEMs. Directly comparable to Maxion İnci Alüminyum in product line, customer base (global OEMs), and competitive positioning on aluminum wheels.
• Tofaş Türk Otomobil Fabrikası: Major Turkish passenger and commercial vehicle manufacturer (Stellantis JV) and a key domestic OEM customer for İnci Holding's wheels and batteries. Comparable scale within Turkey's automotive ecosystem and overlapping OEM/aftermarket exposure.
• Borbet Group: German family-owned manufacturer of aluminum and steel wheels for automotive OEMs and aftermarket. Comparable product mix and OEM customer base to İnci Holding's wheel subsidiaries; similar family-controlled private governance structure.

Broad incumbents

• Sabancı Holding: One of Turkey's largest diversified conglomerates with industrial, automotive, and energy holdings. Comparable diversified holding-company structure serving Turkish and global markets, though operating at substantially larger scale than İnci Holding.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/inciholding
• YouTubeyoutube.com/user/inciholding
• Facebookfacebook.com/inciholding
• LinkedInlinkedin.com/company/inci-holding
• Instagraminstagram.com/inciholding
• Pinteresttr.pinterest.com/inciholding

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about İnci Holding