BYD to build $1 billion car factory in Turkey
Chinese automaker BYD announced it is building a $1 billion car factory in Turkey. BYD’s new car production facility will have an annual capacity of 150,000 vehicles. The Chinese automaker also plans to establish an R&D center for mobile technologies in Turkey.
BYD’s upcoming car factory is expected to start production by the end of 2026. It will initially employ up to 5,000 people.
“This investment is a result of intensive negotiations as we have been talking since our visit to China in December,” commented Turkey’s Industry and Technology Minister Mehmet Fatih Kacir.
A few media outlets speculate that BYD’s investment in Turkey is a way to circumnavigate the European Union’s (EU) recently raised tariffs on China-made electric vehicles. At the beginning of July, the EU recently started applying provisional tariffs from 17.4% to 37.6% on electric vehicles (EVs) made in China, affecting Chinese car companies and foreign companies that produce automobiles in the Asian country.
However, BYD received the lowest individual duty rate from the EU at 17.4%. Analysts speculate that such low tariffs would not affect BYD’s profits in Europe. The fact that BYD started discussing a potential investment in Turkey with government officials in December also hints that its recent $1 billion agreement had little to do with the EU’s increased tariffs.
BYD has been expanding to other parts of the world for quite some time. For example, in February 2024, rumors spread that BYD was looking at sites in Mexico for a potential EV plant. By May 2024, BYD officially launched its Shark NEV pickup truck in Mexico.
In January, the Chinese automaker purchased an old Ford plant in Brazil. It plans to convert the former Ford plant into an EV facility. BYD aims to invest $608 million in Brazil and generate 10,000 jobs in the area.
Otomotiv sanayimiz için tarihi bir gündeyiz.
Ülkemize yapılacak dev bir yatırımın ilk adımını attık.
Cumhurbaşkanımız Sayın @RTErdogan’ın huzurunda dünyanın en büyük elektrikli araç üreticisi BYD’nin Yönetim Kurulu Başkanı Sn. Wang Chuanfu ile şirketin Türkiye’de yatırım… pic.twitter.com/STCudMFt9b
— Mehmet Fatih KACIR (@mfatihkacir) July 8, 2024
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Source: https://www.teslarati.com/byd-1-billion-car-factory-turkey/
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