Mobility

BYD to invest EUR 1 billion in electric vehicle factory in Turkey

byd turkey factory signing erdogan

Photo: Mehmet Fatih Kacir

Published

July 9, 2024

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Published:

July 9, 2024

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Chinese company BYD, one of the world’s largest electric vehicle producers, has signed a deal on an investment in Turkey with the country’s Ministry of Industry and Technology

Under the agreement, BYD is expected to build a EUR 1 billion production facility in Turkey with an annual capacity of 150,000 electric and plug-in hybrid units. It would also launch a research and development center for sustainable mobility technologies, Turkey’s Ministry of Industry and Technology revealed.

The facility is envisaged to create 5,000 jobs and become operational in late 2026.

The agreement was signed by BYD Chairman and CEO Wang Chuanfu and Minister Mehmet Fatih Kacır in the presence of President Recep Tayyip Erdoğan.

Turkey has a potential to become not only a hub for international investments, but also a center of innovation and advanced green technology

Kacır said the deal is a result of negotiations launched upon the visit of a Turkish delegation to BYD in China in December.

“Our efforts to bring new technologies and R&D in the country highlight its potential not only as a hub for international investments, but also as a center of innovation and advanced green technology. This investment, aimed at producing next-generation vehicles with high local added value, will strengthen our automotive industry,” he said.

Turkey is the third-largest car manufacturer in Europe

Turkey, the third-largest car manufacturer in Europe, sees the transformation towards next-generation and environmentally friendly electric vehicles as a primary goal in the domestic automotive sector, in his words. He pointed out that exports in the segment amount to USD 35 billion per year.

Thanks to Turkey’s unique advantages such as developing the technology system, strong supplier base, extraordinary location, and skilled workforce, BYD’s investment will further develop the brand’s local production capabilities and increase logistical efficiency, according to the ministry.

“We aim to reach consumers in Europe by meeting the growing demand for vehicles in the region,” it said.

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