China Tesla rival BYD signs $1bn Turkey plant deal
undefined 10, 2024
BYD, China's largest electric-car manufacturer, has finalized a $1 billion deal to establish a manufacturing plant in Turkey, aiming to produce up to 150,000 vehicles annually by late 2026. This initiative, expected to generate 5,000 jobs, was sealed during an event in Istanbul attended by President Erdogan and BYD's CEO. The move comes amid escalating tariffs on Chinese EVs in the EU, prompting BYD to leverage Turkey's EU Customs Union membership for tariff advantages and support its expansion beyond China amid international market challenges.
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