Istanbul, July 8, 2024 – Chinese automaker BYD, one of the world’s largest electric vehicle (EV) manufacturers, is expanding its operations into Europe. The company plans to build a $1 billion (approximately €923 million) factory in Turkey.
According to Turkish government sources, the plant will be located in the Manisa province and an official opening ceremony with President Recep Tayyip Erdogan is expected to take place soon.
The new plant will strengthen BYD’s position in the European market, which is increasingly moving towards EVs. It will also serve the needs of the Turkish market, where the share of EVs in total sales already reached 7.5% last year.
Turkey appears to be a strategic location for BYD due to its customs union with the EU, which will facilitate the export of EVs to Europe. This is particularly important in the context of the EU’s upcoming temporary tariffs on EV imports from China. For BYD, these tariffs would mean an additional 17.4% to the existing 10% rate.
BYD’s investment in Turkey is a significant step forward for both the automaker and Turkey itself. It will create hundreds of new jobs and make the country an important hub for EV production and export.
