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9mo ago

BYD Expands Global Footprint with $1 Billion EV Plant in Turkey

New facility aims to bypass EU tariffs and bolster European market presence, creating 5,000 jobs by 2026.

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ISTANBUL, TURKIYE - JULY 08: (----EDITORIAL USE ONLY - MANDATORY CREDIT - ' TURKISH PRESIDENCY / MUSTAFA KAMACI / HANDOUT' - NO MARKETING NO ADVERTISING CAMPAIGNS - DISTRIBUTED AS A SERVICE TO CLIENTS----) Turkish President Recep Tayyip Erdogan (C), Wang Chuanfu (R), chairman and chief executive officer at BYD Co., and Turkish Minister of Industry and Technology Mehmet Fatih Kacir (L) attend the BYD New Energy Vehicle Investment Signing Ceremony after their meeting at Dolmabahce Palace working office in Istanbul, Turkiye on July 08, 2024. World's largest electric vehicle producer Chinese BYD expected to build 150,000-vehicle capacity production plant, mobility and R&D center with investment worth $1B in Turkiye, according to ministry. (Photo by Turkish Presidency/ Mustafa Kamaci / Handout/Anadolu via Getty Images)
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Overview

  • BYD's Turkey plant will have an annual production capacity of 150,000 vehicles.
  • The facility will include a research and development center for sustainable mobility technologies.
  • Turkey's customs union with the EU allows tariff-free exports to the bloc.
  • The move follows increased tariffs on Chinese EVs by the EU and US.
  • BYD is also expanding in Thailand, Hungary, Brazil, and Mexico.