BYD to Announce $1 Billion Investment in Turkey Next Monday

TapTechNews July 5th news, according to Bloomberg's report today citing Turkish senior officials, BYD will announce at the ceremony to be held next Monday that it will invest 1 billion US dollars (currently about 7.283 billion yuan) in Turkey. The official said that the negotiation (with the government) with BYD has been finalized, and the company will build the (European) second factory in Turkey after announcing the construction of the first electric vehicle factory in Hungary.

TapTechNews Note: Turkey straddles Europe and Asia and is not a member of the European Union.

The report said that Turkish President Erdogan is expected to announce this agreement at the ceremony to be held in Manisa Province next Monday, and the completion of the new factory may make it easier for BYD to enter the European Union.

Mehmet Fatih Kacır, Minister of Industry and Technology of Turkey, told Bloomberg in May this year that BYD and Chery were then in in-depth negotiations on investing in Turkey.

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