2024-07-11 00:41:32
China’s BYD Co. will build an electric vehicle plant in Turkey and expects it to improve its position in the European market.
As reported by Day.Az with reference to Interfax, the Financial Times writes about this.
The agreement with the Turkish authorities provides for BYD to invest $1 billion in the construction of a plant that will be able to produce about 150,000 electric and hybrid cars per year, as well as in the creation of a research and development center, the press service of the Turkish government reported.
The opening of the plant in the country will help BYD improve “logistics efficiency,” the report said.
The launch of the enterprise is scheduled for the end of 2026, writes the Financial Times. The project is expected to create about 5,000 jobs in Turkey.
BYD is seeking to expand into the European market as Brussels tries to limit Chinese car shipments to the EU. Earlier this month, the European Commission imposed additional tariffs on Chinese electric vehicles imported into the EU. For BYD Co., the tariff is 17.4%, on top of the 10% tariff already in place.
Turkey has a customs agreement with the EU, and cars produced in the country can be exported to Europe without additional duties, the FT notes.
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