BYD to open up an EV factory in Turkiye worth $1 billion

According to people familiar with the matter, the Turkish government and BYD are about to announce a new investment project in the Manisa province. The deal is not official yet, but it will likely become in the coming days after the two parties finalize all details.

Turkiye announced new tariffs for Chinese EV imports in early June but has since agreed with the Chinese government to soften its stance on the taxes and in return, Chinese companies will start investing in local production.

BYD's planned factory in the country is likely a result of those talks. The supposed BYD EV factory will cost $1 billion and will most likely give BYD an easier entry into the EU market, given that Turkiye and the EU have a trade deal in place.

It's a "two birds with one stone" type of deal. BYD gets easier access to the Turkish and EU markets. especially since EU imposed provisional taxes on Chinese EV imports the other day.

Given BYD's success in EV production in the last couple of years, the company is starting to push for global expansion. The carmaker is already building a manufacturing plant in Hungary, which should go operational in 2026, it has also snatched a facility from Ford in Brazil and is looking to invest in Mexico as well.

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