BYD Signs Agreement with Turkish Government to Invest in Building Factories and R＆D Centers
On July 8th local time, BYD signed a factory construction agreement with the Turkish government, and Turkish President Erdogan attended the signing ceremony.
According to the agreement, BYD will invest approximately 1 billion US dollars to establish a factory and research center with an annual production capacity of 150,000 vehicles. The factory is planned to start production at the end of 2026 and will provide job opportunities for up to 5,000 workers.
The report states that, according to the “Customs Union” established in 1995, cars manufactured in Turkey enjoy preferential treatment for entering the European Union. The Marmara region around Istanbul has become one of the main centers of the world automotive industry. In addition, the land previously allocated to Volkswagen located in Manisa north of Izmir will be transferred to BYD for use.
Turkish Minister of Industry and Technology Mehmet Fatih Kacır told Bloomberg in May this year that, apart from BYD, Chery was also in deep negotiations with the country on investment.
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