China's BYD to invest $1bn in Turkey for EV plant

Ankara exempts companies from additional 40% tariff if they set up local production

BYD's Atto 3 at the Thailand International Motor Expo in Bangkok in 2022. The company sold fewer than 1,000 units of the electric vehicle in the Turkish market in 2023. © Reuters

SINAN TAVSAN, Nikkei staff writer

July 9, 2024 02:31 JST

ISTANBUL -- Chinese electric-vehicle maker BYD will invest $1 billion in Turkey to set up an EV and plug-in hybrid vehicle factory with an annual capacity of 150,000 units, creating a second European production and export hub after the one it is building in Hungary.

BYD Chairman Wang Chuanfu and Turkish Industry and Technology Minister Mehmet Fatih Kacir signed an investment deal here on Monday. Turkish President Recep Tayyip Erdogan attended before leaving for the NATO summit, which begins in Washington on Tuesday.