Continue to Expand Overseas! BYD Will Set up a Factory in Turkey!
AshleyJul 09, 2024, 10:19 AM
Recently, according to Agence France-Presse, local time on July 8th (today), BYD signed an investment agreement with the Turkish government to build a factory, and Turkish President Erdogan attended the signing ceremony.
According to the agreement, BYD will invest about 1 billion US dollars to establish a factory and research and development center capable of producing 150,000 cars a year. The factory plans to start production by the end of 2026 and will provide jobs for up to 5000 workers.
The report mentioned that, according to the "Customs Union" established in 1995, cars manufactured in Turkey enjoy preferential treatment for entry into the EU, and the Marmara region around Istanbul has become one of the world's major automotive industry centers. In addition, the land previously allocated to Volkswagen in Manisa, north of Izmir, will be transferred to BYD.
Turkey's Minister of Industry and Technology, Mustafa Varank, told Bloomberg in May this year that, in addition to BYD, CHERY was also in deep negotiations with the country about investment at that time.
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