China’s largest electric car maker, BYD, has agreed to invest $1 billion to build a new factory in Turkey, marking a significant expansion beyond its home market.
According to Turkish state news agency Anadolu, the facility is set to produce up to 150,000 vehicles annually and is expected to begin operations by the end of 2026, creating about 5,000 jobs.
The deal was finalized during an event in Istanbul attended by BYD’s CEO Wang Chuanfu and Turkish President Recep Tayyip Erdogan.
This move comes amidst increasing challenges for Chinese electric vehicle (EV) manufacturers in the European Union and the United States, where tariffs on Chinese-made EVs have been recently raised to protect local industries.
Turkey’s inclusion in the EU Customs Union allows vehicles produced there to avoid additional tariffs when exported to the EU, giving BYD a strategic advantage.
Moreover, Turkey has imposed extra tariffs on Chinese vehicle imports to support its own automotive sector.
BYD’s expansion strategy also includes a new factory in Hungary, its first passenger car plant in Europe, and a recently opened EV plant in Thailand, marking its entry into Southeast Asia.
The company, backed by renowned investor Warren Buffett, aims to strengthen its global manufacturing footprint amidst competitive pressures and regulatory changes in key markets.
(Source: BBC News)
https://www.bbc.com/news/articles/cp08d1nq1y3o