(CTN News) — BYD, China’s largest electric-car manufacturer, has decided to establish a $1 billion (£780 million) manufacturing unit in Turkey as it expands beyond its home nation.
According to Turkish state news agency Anadolu, the new plant would be capable of producing up to 150,000 automobiles each year.
The plant is expected to create approximately 5,000 employees and begin production by the end of 2026.
The agreement was signed at an event in Istanbul attended by President Recep Tayyip Erdogan and BYD CEO Wang Chuanfu.
BYD did not immediately respond to a BBC request for additional information on the arrangement.
The statement comes as Chinese EV manufacturers face increased criticism in the European Union and the United States.
Last week, the EU raised tariffs on Chinese electric vehicles (EVs) to defend its motor sector.
The judgment resulted in a 17.4% additional charge on BYD vehicles shipped from China to the EU, on top of a 10% import duty.
Turkey is a member of the EU’s Customs Union, which means that vehicles manufactured in the nation and exported to the union can avoid the additional levy.
The Turkish government has also taken measures to protect the country’s carmakers, imposing an additional 40% duty on Chinese vehicle imports.
US President Joe Biden increased taxes on Chinese-made electric automobiles, solar panels, steel, and other products in May.
The White House stated that the measures, which include a 100% border tax on Chinese electric vehicles, were in response to unfair policies and aimed to protect US jobs.
BYD, backed by legendary US investor Warren Buffett, is the world’s second-largest EV manufacturer, trailing only Elon Musk’s Tesla.
The corporation has been quickly expanding its production facilities outside of China.
BYD stated at the end of last year that it would develop a manufacturing factory in Hungary, an EU member state.
It will be the company’s first passenger automobile manufacturing in Europe, and it is projected to employ thousands of people.
BYD established its first factory in Southeast Asia, an EV plant in Thailand, on Thursday.
BYD stated that the plant will have an annual capacity of 150,000 vehicles and is expected to create 10,000 jobs.
The corporation has also stated that it intends to develop a manufacturing factory in Mexico.
Source: BBC
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