BYD to Invest $1 Billion to Build Factory in Turkey, President Erdogan Attends Signing

TapTechNews July 8th news, according to comprehensive Interface News and AFP reports, on the local time of July 8th (today), BYD signed an investment and factory construction agreement in Turkey with the Turkish government, Turkish President Recep Tayyip Erdogan attended the signing ceremony.

According to the agreement, BYD will invest approximately 1 billion US dollars (TapTechNews note: currently about 7.294 billion Chinese yuan) to establish a factory and R & D center with an annual output of 150,000 vehicles. The factory is planned to be put into operation by the end of 2026, and will provide jobs for up to 5,000 workers.

It is reported that according to the Customs Union established in 1995, cars manufactured in Turkey enjoy preferential treatment for entering the EU, and the Marmara region around Istanbul has become one of the main centers of the world automotive industry. In addition, the land located in Manisa in the north of Izmir previously allocated to Volkswagen will be transferred to BYD for use.

The Turkish Minister of Industry and Technology, Mehmet Fatih Kacır, told Bloomberg in May this year that in addition to BYD, Chery was also in in-depth negotiations with the country about investment at that time.

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News said BYD reached an agreement with the Turkish government and will invest 1 billion US dollars to build an electric vehicle factory locally