China’s BYD, a top maker of battery electric vehicles, has agreed to build a $1 billion car factory in Turkey, as announced by the Turkish government. The agreement was signed by BYD’s CEO Wang Chuanfu and Turkey’s Industry and Technology Minister Mehmet Fatih Kaci in Istanbul, with Turkish President Recep Tayyip Erdogan in attendance.
The move aims to cater to the increasing demand for new-energy vehicles in the region and target consumers in Europe. This decision comes shortly after the European Union imposed provisional additional duties on imports of Chinese-made EVs, ranging from 17.4% to 37.6%, to counter what they perceive as unfair government support for Chinese car manufacturers.
