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BYD to Invest $1bn in New Electric Vehicle Plant in Turkey

July 10, 2024

BYD to Invest $1bn in Turkey. According to Anadolu Agency, China’s BYD, the globe’s top electric vehicle maker, has declared plans to construct a plant in Turkey.

With an investment of $1 billion, BYD aims to set up a facility to produce 150,000 vehicles per year by 2026.

The agreement, formalized in Istanbul, saw the presence of President Recep Tayyip Erdogan.

President Erdogan also convened with the BYD team, emphasizing the critical role of this investment for Turkey.

To boost domestic production, Turkey introduced a 40% tariff on imported vehicles from China on the same day.

BYD’s commitment highlights Turkey’s potential as a center for cutting-edge and eco-friendly automotive technologies. This strengthens its industrial base, reports Anadolu Agency, Turkey’s state-run news outlet.

In related news, the European Commission has recently imposed provisional duties on Chinese battery electric vehicles (BEVs) to protect the EU market.

The investigation revealed that subsidies allowed Chinese BEVs to gain market share. This was deemed to disrupt the EU market and harming its industry. These duties are designed to ensure fair competition. The duties will remain in place while further data is collected.