Tesla rival BYD signs $1 billion plant in Turkey

BYD, the largest electric car manufacturer in China, has recently finalized a $1 billion deal to establish a manufacturing facility in Turkey, marking a significant step in its ongoing efforts to broaden its global presence.

According to TGE, the new plant will have the capacity to manufacture up to 150,000 vehicles annually.

According to reports, the facility is projected to generate approximately 5,000 job opportunities and commence production by the conclusion of 2026.

The agreement was formalized during a ceremony held in Istanbul, with the presence of President Recep Tayyip Erdogan and BYD's CEO Wang Chuanfu.

In a challenging turn of events, Chinese EV makers face mounting pressure in the European Union and the US.

The European Union has recently implemented measures to safeguard the motor industry within its borders. This move involves an increase in tariffs on electric vehicles imported from China.

BYD faced a significant setback as it was slapped with an additional tariff of 17.4% on its vehicle shipments from China to the EU. This extra charge came on top of the existing 10% import duty.

Turkey's inclusion in the EU's Customs Union allows vehicles manufactured in the country and shipped to the bloc to bypass any additional tariffs.

The Turkish government has implemented a 40% tariff on imported Chinese vehicles to bolster the local automotive industry.

In May, the US President, Joe Biden, implemented higher tariffs on Chinese-made products such as electric cars, solar panels, and steel.

In a statement, the White House justified implementing these measures to address what they perceive as unfair policies and safeguard American jobs. One of the critical measures includes imposing a 100% border tax on electric cars imported from China.

BYD, supported by renowned American investor Warren Buffett, is the world's second-largest electric vehicle (EV) company, trailing behind Tesla, led by Elon Musk.

The company has been experiencing significant growth in its production facilities beyond the borders of China.

In a recent announcement, BYD revealed its plans to establish a manufacturing plant in Hungary, an EU member state.

The upcoming passenger car factory in Europe is set to become the firm's inaugural venture in the region, potentially generating substantial employment opportunities.

BYD, the Chinese electric vehicle manufacturer, made a significant move on Thursday by inaugurating its inaugural factory in Southeast Asia in Thailand. This marks an important milestone for BYD as it expands its global presence and taps into the growing demand for electric vehicles in the region.

According to BYD, the newly announced plant is expected to produce 150,000 vehicles annually and create around 10,000 job opportunities.

In addition, the company has announced its intention to construct a manufacturing plant in Mexico.