ALBAWABA – BYD “Build Your Dreams”; the main automotive subsidiary and brand of BYD Company, a publicly listed Chinese multinational manufacturing company announced signing an agreement to start building an electric cars factory in Turkey of $1 billion.
This agreement was signed with the Turkish government with the aim to manufacture and develop around 150,000 cars.
The factory will include a research and development center as well and the agreement was attended by Turkish President Recep Tayyip Erdoğan.
BYD to operate in Turkey
BYD chose Turkey to facilitate easy access to the European Union as well as increasing the availability of electric cars in the Turkish market. It is worth mentioning here that electric cars ranked 7.5% percent of total car sales last year in the country.
BYD to start a factory in Turkey worth $1 billion (Shutterstock)
The Turkish government said that this agreement came because of a decision it took a month ago to withdraw the plan of imposing additional customs on Chinese imported electric cars.
BYD on the other hand is looking forward to this agreement to hit better sales in the coming year and target the European market precisely.
BYD sold around 12,944 in the first 5 months of 2024 compared to 2,120 cars in the same period of 2023; which indicates the powerful new position of the Chinese-preferred electric car brand.
