BYD to Build $1 Billion EV Plant in Turkey, Creating 5,000 Jobs by 2026

16 Jul, 2024

BYD to Build $1 Billion EV Plant in Turkey, Creating 5,000 Jobs by 2026

China’s leading electric vehicle manufacturer, BYD, has signed an agreement with the Turkish government to build a $1 billion car factory in Turkey. The deal, signed by BYD CEO Wang Chuanfu and Turkey’s Industry and Technology Minister Mehmet Fatih Kaci in the presence of President Recep Tayyip Erdogan, aims to meet the growing regional demand for new-energy vehicles and expand BYD’s reach into Europe.

The announcement comes shortly after the European Union imposed additional duties on imports of Chinese-made EVs, ranging from 17.4% to 37.6%, to counteract what it considers unfair government subsidies. Turkey, being in a customs union with the EU, offers a strategic advantage by allowing tariff-free exports to the EU market.

The new plant will be capable of producing 150,000 electric and hybrid vehicles annually and will include a research and development center focused on sustainable mobility technologies. Scheduled to begin production at the end of 2026, the factory is expected to create around 5,000 jobs. This significant investment underscores BYD’s commitment to expanding its global footprint and advancing sustainable transportation solutions.