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China's BYD to build electric car manufacturing plant in Turkiye

09 July 2024 [22:30] - TODAY.AZ

By Alimat Aliyeva

China's BYD Co. will build an electric vehicle manufacturing facility in Turkiye and expects this to improve its position in the European market, Azernews reports.

The agreement with the Turkish authorities provides for BYD investments in the amount of $ 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 company in the country will help BYD to increase the "efficiency of logistics," the report says.
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 Turkiye.

BYD is aiming to cover the European market, while Brussels is trying to limit the supply of Chinese cars to the European Union. Earlier this month, the European Commission imposed additional duties on the import of Chinese electric vehicles into the EU. For BYD Co., this fee is 17.4% in addition to the 10% duty that was already in effect earlier.

Turkiye has a customs agreement with the EU, and cars produced in the country can be exported to Europe without additional duties, the FT notes.

URL: http://www.today.az/news/regions/250466.html

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