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Jul 11, 2024 368

"China’s BYD Is Poised to Build $1 Billion EV Plant in Turkey "

#Regional

"Turkish authorities, Turkey, BYD Co. to build a 1 billion dollar factory in the west of the country. will soon explain the agreement he made with."

Turkey is poised to announce an agreement with BYD Co., a major Chinese automaker, to construct a $1 billion electric vehicle (EV) factory in Manisa province. This new venture is anticipated to be revealed by Turkish President Recep Tayyip Erdogan. The strategic location aims to utilize Turkey’s existing customs-union with the European Union to facilitate easier access to the European market, especially significant given the EU's recent move towards provisional tariffs on Chinese electric vehicles.

The plant is not only a strategic gateway into Europe but also serves Turkey’s growing domestic EV market, which made up 7.5% of the country's car sales last year. The decision aligns with Turkey’s reduction of planned tariffs on Chinese vehicles, which was announced after diplomatic discussions aimed at fostering investment and strengthening bilateral economic ties.

This new factory by BYD is part of its global expansion strategy, which has seen the company establishing manufacturing bases in various regions including Southeast Asia and South America. BYD's aggressive expansion underlines its commitment to becoming a dominant player in the global EV market, leveraging Turkey’s production capabilities to circumvent EU tariffs and tap into a lucrative market amidst growing demand for environmentally friendly transportation solutions.