BYD’s 1 Billion Dollar Investment in Turkey Officially Announced!
BYD is investing 1 billion dollars in Turkey. Here are the details about the giant investment to be made by the Chinese automotive giant!
Last week, it was claimed that China-based automotive giant BYD had decided to invest 1 billion dollars in Turkey. Even the Minister of Industry and Technology Mehmet Fatih Kacır, in a statement to Bloomberg in recent months, had stated that negotiations were ongoing for BYD and Chery companies to invest in Turkey.
There have been important developments on the subject in the past minutes. President Erdoğan received the BYD board of directors in Istanbul and this huge investment of 1 billion dollars was made official.
BYD’s Investment in Turkey Officially Announced: So What Will Happen?
Following the investment, BYD will establish a production facility and a mobility R&D center in Turkey with a capital of approximately 1 billion dollars and an annual capacity of 150 thousand vehicles. In addition, it is stated that the company will first produce a charged hybrid (PHEV) model compatible with the law proposal submitted to the parliament, which includes SCT reduction.
According to Emre Özpeynirci, BYD will also bring the vehicles it will import to Turkey exempt from customs duty. Moreover, it is underlined that BYD’s investment is the first direct foreign automobile investment since 1997. As it is known, the last time Honda did this was when it produced the popular Civic model in Turkey from 1997 until 2021.
It is stated that the production facility to be established by BYD will start its operations in 2026. Finally, it is planned to provide direct employment for 5 thousand people.
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