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BYD to Build $1 Billion EV Plant in Turkey, Second European Plant Operational by 2025
Jul 8, 2024, 05:35 PM
Chinese electric vehicle (EV) manufacturer BYD has announced plans to build a $1 billion plant in Turkey. This strategic move comes in response to the European Union's imposition of tariffs on Chinese EVs. The Turkish plant, BYD's second planned European facility, is part of the company's broader strategy to expand its global footprint and be actively involved in other countries' energy transitions. Negotiations for this plant and other facilities likely started in 2022 or 2023. The decision to establish the plant in Turkey, which has a customs union with the EU, underscores the competitive threat posed by low-cost Chinese EV makers to European and U.S. car manufacturers, including Tesla. The plant is expected to be operational by the end of 2025. BYD also has plans for plants in Hungary, Indonesia, and potentially Mexico.
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