Bloomberg Exclusive: Turkey to Announce $1 Billion EV Plant Deal with China's BYD

Jul 5, 2024, 11:32 AM

Turkey is set to announce a $1 billion agreement with China's electric vehicle manufacturer BYD Co. for the construction of a new plant in the western part of the country. The deal, reported as a Bloomberg Exclusive, aims to expand BYD's presence in major domestic markets and mitigate the impact of tariffs through strategic overseas investments. Turkey, which has high EV tariffs and a customs union with the European Union, presents a significant opportunity for BYD to navigate these trade barriers.