-
BYD, China’s largest electric car maker, has signed a $1bn deal to build a manufacturing plant in Turkey.
-
The plant will have an annual capacity of 150,000 vehicles and create around 5,000 jobs.
-
The move is part of BYD’s expansion plans outside China, amid increasing pressure from the EU and US.
BYD, the world’s second-largest electric car company, has agreed to invest $1bn in a new manufacturing plant in Turkey. The plant, which is expected to be operational by the end of 2026, will have an annual capacity of 150,000 vehicles and create around 5,000 jobs. This move is part of BYD’s plans to expand its production facilities outside China, amid increasing pressure from the EU and US.
The new plant will allow BYD to avoid the additional tariffs imposed by the EU on Chinese electric cars. Turkey is part of the EU’s Customs Union, which means vehicles made in the country and exported to the bloc can avoid the extra tariff. The Turkish government has also imposed a 40% tariff on imports of Chinese vehicles, making it a more attractive location for BYD’s expansion plans.
BYD has been rapidly expanding its production facilities outside China, with plans to build a manufacturing plant in Mexico and a recently opened plant in Thailand. The company’s expansion plans are aimed at increasing its global presence and avoiding trade tensions with the EU and US.
