Tosyalı Holding Chairman Fuat Tosyalı spoke to Bloomberg HT at the World Economic Forum in Davos, sharing assessments on global trade, the steel industry, relations with the European Union, and TOGG’s future plans.
Speaking during Bloomberg HT’s Davos special broadcast, Tosyalı said that the forum is taking place in a much harsher geopolitical climate compared to last year. Despite this, he noted that the main theme of Davos remains the “spirit of dialogue,” emphasizing that global actors are seeking discussion rather than confrontation.
Tosyalı stated that global attention in Davos is largely focused on former U.S. President Donald Trump. He described Trump as a strong voice against what he called China’s “silent invasion” through expansionary trade policies. However, Tosyalı added that Trump’s harsh methods and authoritarian stance, despite his rhetoric on fair trade, are creating concerns in many countries.
Criticism of the European Union
Criticizing the European Union, Tosyalı described it as “insincere” to call for dialogue while simultaneously imposing quotas and tariffs on allied countries. He said the EU’s steel industry largely relies on outdated technologies and fossil fuels, a structure he believes puts the future of the world at risk.
Tosyalı warned that the EU’s trade agreements with Mercosur countries and India could pose a serious threat to Türkiye. He stressed that the Türkiye–EU Customs Union should be updated before such agreements take effect, but added that the EU is avoiding dialogue on this issue.
China’s “Silent Invasion” in Steel
Highlighting China’s excess capacity in steel production, Tosyalı said the current surplus of around 680 million tons is expected to rise to 720 million tons in the coming years. He noted that this capacity is sustained through state support and fossil fuels, and that Chinese steel is being dumped into global markets at unfair prices. According to Tosyalı, Türkiye and neighboring countries are among those most negatively affected.
Tosyalı Holding’s 2026 Targets
Providing information on the group’s financial performance, Tosyalı said Tosyalı Holding closed 2025 with revenues of USD 9 billion and exports of USD 2 billion. For 2026, the group is targeting USD 10 billion in revenue and USD 3 billion in exports.
Green Steel and Energy Investments
Tosyalı also touched on sustainability investments, stating that the group has launched a 1.5 GW solar energy investment to meet 50% of its energy consumption from solar power. He said investments in Libya and Algeria support production in Türkiye and emphasized that Tosyalı Holding produces “green steel” with some of the lowest carbon values in the world.
TOGG Production and New Models
Commenting on TOGG, Tosyalı said that production reached 40,000 units in 2025 and that the total number of TOGG vehicles on the road has surpassed 100,000.
He stated that the production target for 2026 is 60,000 units or more, while annual production capacity is planned to reach 100,000 units by the end of 2027.
Following the T10X and T10F models, Tosyalı said that the T6 model—aimed at a broader customer base—is planned to be launched in 2027. He added that production and sales are currently progressing in balance and that there are no inventory issues.
Source: Bloomberght/ Prepared by: İlayda Gök