BYD to build $1bn EV megaplant in Turkey
The fast-growing Chinese automaker BYD has announced plans to build a vast manufacturing facility in Turkey's Manisa province.
BYD is currently the world's largest EV maker, with 22% of the global market. But it has even more ambitious targets. The firm opened a new EV manufacturing facility in Thailand in July, and is planning similar plant openings in Mexico and Brazil.
But it is also focused hard on improving its share of the European market. Its CEO has said the company wants to make its cars “in Europe for Europe” – a move that would bypass the EU’s recent imposition of tariffs of up to 38.1% on Chinese EV imports. The company is already building a new factory in Hungary that will produce its first cars next year.
But Turkey makes a logical choice for further expansion. The Turkish government recently eased tariffs in order to attract fresh investments in the EV space.
