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BYD has signed a $1 billion agreement to establish an EV manufacturing facility in Turkey, expected to create 5,000 jobs by 2026. The deal, witnessed by President Erdogan and BYD's CEO Wang Chuanfu, aims to bolster BYD's presence amid rising tariffs in the US and EU.
BYD's $1 Billion Turkey Plant to Create 5,000 Jobs by 2026 Amid Rising Global Tariffs
By the conclusion of 2026, the facility is anticipated to commence production and generate approximately 5,000 employment opportunities.
The agreement was executed at an event in Istanbul that was witnessed by President Recep Tayyip Erdogan and BYD's CEO, Wang Chuanfu.
BYD did not promptly address a BBC inquiry for additional information regarding the agreement. The announcement was made in response to mounting pressure on Chinese electric vehicle manufacturers in the United States and the European Union.
Last week, the European Union implemented tariff increases on Chinese electric vehicles (EVs) to safeguard the country's motor industry.
Due to the decision, BYD has assessed an additional 17.4% tariff on the vehicles it exports from China to the EU and a 10% import duty.
Turkey is a member of the Customs Union of the European Union, which means that vehicles manufactured in the country and exported to the bloc are exempt from the supplementary tariff.
The Turkish government has also implemented a 40% tariff on imported Chinese vehicles to assist the nation's automobile manufacturers.
BYD Expands Global Presence with New Plants in Turkey, Hungary, Thailand, and Mexico
In May, US President Joe Biden increased tariffs on products manufactured in China, including steel, solar panels, and electric cars. The White House stated that the measures, which include a 100% border tax on electric vehicles from China, were implemented in response to unjust policies and were designed to safeguard US employment.
BYD, the world's second-largest EV company, is supported by seasoned US investor Warren Buffett. It follows Tesla, which Elon Musk owns. The company has been swiftly expanding its production facilities outside of China.
BYD declared its intention to establish a manufacturing facility in Hungary, an EU member state, after the previous year. The company's inaugural passenger vehicle factory in Europe is anticipated to generate thousands of employment opportunities.
BYD inaugurated its EV plant in Thailand on July 4, marking its inaugural facility in Southeast Asia. According to BYD, the plant is expected to create 10,000 employees and have an annual production capacity of 150,000 vehicles. The organization also declared its intention to establish a manufacturing facility in Mexico.
Photo: Microsoft Bing
