Turkey signs contract with Chinese EV manufacturer BYD for a $1 billion plant

AL Circle

Turkey has reportedly signed an electric vehicle manufacturing contract with Chinese electric car maker BYD. According to Turkish officials, the $1 billion plant will be located in the west of the country.

Turkey signs contract with Chinese EV manufacturer BYD for a $1 billion plant

{alcircleadd}

The new plant coming up in Turkey will give the Chinese car manufacturer easier access to the European Union, as a small part of Turkey called East Thrace is in Southeast Europe. With the new plant, BYD will serve the Turkish domestic market with EVs, which accounted for 7.5 percent of car sales last year in Turkey.

On July 5, Turkey said that this deal resulted from a month-old decision to withdraw the plan to impose an additional 40 per cent tariff on electric vehicle imports originating from China. The decision was consciously made to improve investments in the country.

BYD, which has become China’s best-selling car brand after facing losses over many years, is now eyeing the European market. The Shenzhen-based car brand aims to bring its lower-priced EVs to Europe in the coming years, including the Seagull hatchback that executives expect to sell for less than €20,000 ($21,700).

In Europe, Hungary will also house BYD’s first passenger car manufacturing plant, which is likely to open before 2026.

On July 4, BYD inaugurated its first EV plant in Southeast Asia, Thailand. The company has also acquired a former Ford Motor factory in Brazil and looking at locations for a plant in Thailand.

BYD’s car sales are increasing rapidly in the European Union. In the first five months of 2024, it sold 12,944 cars in the EU, EFTA and UK markets compared to 2,120 units during the same period of 2023.

Edited By:


This news is also available on our App 'AlCircle News' Android | iOS


Know Aluminium? Publish your content on AL Circle and reach
a global audience.
* By providing your email, you are opting in to receive our bi-monthly Sustainability Newsletter.

Alternate Text
EPIQ Machinery

A world class equipment designer specialized in developing innovative & effective solutions for heavy equipment, vehicles, and material handling systems

Alternate Text
RIA Cast House Engineering

Leading supplier of rail mounted precision Furnace Charging Machines and Furnace Skimming Machines

Alternate Text
Altek

Leading manufacturer of value-added equipment for the aluminum casthouse

Alternate Text
CETAG

A supplier of proven systems and an expert adviser in aluminum casthouse technology, offering its services worldwide to the aluminum industry.

Alternate Text
XIAN HUAN-TAI TECHNOLOGY

Your reliable partner in aluminum casthouse equipment and products

Alternate Text
IBAAS​-IIM 2024

September 25-27, 2024 | BITS Pilani K K Birla Goa Campus, Goa, INDIA

Related
Business Leads
We provide aluminium DIY products and looking for buyers of ...
26-Jun-2024 Selling offer

Our WoodEx process offers a range of innovative finishes suc...
26-Jun-2024 Selling offer

We are looking for buyers of aluminium furniture. Place of ...
26-Jun-2024 Selling offer

Read this news article and much
more on the AL News app
Get real-time news and business
lead alerts on your phone
SUBSCRIBE NOW
Market

Market

Project

Project

Technology

Technology

Leads

Leads