BYD has agreed a $1bn deal to build an electric vehicle plant in Turkey, as China’s largest carmaker looks to increase its European production and continue its overseas expansion.
The plant will be capable of producing 150,000 vehicles a year, the Turkish government said on Monday. It is expected to begin production at the end of 2026 and create about 5,000 jobs.
The pact comes as Warren Buffett-backed BYD, the world’s second-largest EV maker after Tesla, looks to tap the large EU market at a time when Brussels is clamping down on access for cars imported from China. BYD is also building a plant in Hungary that will begin production next year and is considering a second plant in that country.
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