BYD Electrifies Turkish Market with Nearly $1 Billion Investment Deal

Chinese electric vehicle leader BYD sets to establish a production facility in Türkiye with a $1 billion investment, targeting European markets and creating thousands of jobs.

Istanbul, Turkey – July 9, 2024 – The Turkish automotive industry is set for a major boost as Chinese electric vehicle (EV) giant BYD signed a nearly $1 billion investment deal with the Turkish government. This historic agreement paves the way for BYD to establish a production facility in Turkey, targeting both domestic and European markets.

The signed agreement outlines the construction of a factory dedicated to electric and rechargeable hybrid vehicles, boasting an annual production capacity of 150,000 units. The facility will also house a research and development (R&D) center focused on sustainable mobility technologies. This project is expected to generate up to 5,000 jobs directly, providing a significant boost to the Turkish economy.

“This is a historic day for our automotive industry,” stated Mehmet Fatih Kacır, the Turkish Minister of Industry and Technology. “We are witnessing the first steps of a massive investment in our country. BYD, the world’s leading electric vehicle manufacturer, will establish a production facility with a significant capacity, thanks to this agreement.”

BYD’s expansion into Turkey offers several strategic advantages. The country boasts a well-developed technology infrastructure, a strong supplier base, and a skilled workforce. Additionally, Turkey’s geographical location allows for efficient logistics and easy access to European markets.

“Türkiye’s unique advantages, such as its developing technology ecosystem, strong supplier base, and qualified workforce, will significantly improve our local production capabilities and enhance logistics efficiency,” BYD said in a statement. “This investment will allow us to reach consumers in Europe by meeting the growing demand for new energy vehicles in the region.”

The BYD plant is expected to begin production by the end of 2026. This significant investment highlights Turkey’s growing importance as a production hub for the global electric vehicle industry.

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