Chinese EV manufacturer BYD to construct $1B plant in Turkey
Chinese electric vehicle maker BYD has reached an agreement with the Turkish government to construct a $1 billion production plant in Turkey capable of producing 150,000 vehicles annually.
Reuters
Chinese electric vehicle manufacturer BYD Co Ltd agreed with the Turkish government to build a $1-billion production plant in Turkey with an annual capacity of 150,000 vehicles, state-run Anadolunews agency said on July 8.
Anadolu published pictures of Turkish President Recep Tayyip Erdoğan meeting BYD ChiefExecutive Wang Chuanfu at a deal-signing ceremony for the plant, which it said would include a mobility and R&D center and employ 5,000 people.
Last week the European Union raised tariffs on Chinese EVs to help protect its industry. The deal could ease BYD's access to the market given Turkey's customs union with the EU.
The Chinese firm reached the deal with Turkey's Ministry of Industry and Technology.
China's state-backed Securities Times earlier reported - without mentioning Turkey - that BYD agreed to build a factory for core parts of new energy vehicles that would backstop capacity of its factory in the southern city of Shenzhen.
Last week, a deputy chairman of Turkey's ruling Justice and Development Party (AKP) told Reuters that Chinese carmaker Guangzhou Automobile Group (601238.SS), opens new tab was in talks with Turkish EV manufacturer TOGG over a possible joint production venture.
GAC's top management plans to visit TOGG in Turkey this month, AKP's Zafer Sırakaya said.