Investment agreement signed with BYD

An investment agreement has been signed between Chinese electric vehicle manufacturer BYD and the Ministry of Industry and Technology. According to the statement made by the ministry, the agreement envisages that BYD will establish an electric and rechargeable hybrid automobile production facility with an annual capacity of 150,000 vehicles in Turkey with an investment of approximately 1 billion dollars, as well as an R&D center for sustainable mobility technologies. The signatures with the Chinese automotive giant were made at the Presidential Dolmabahçe Labor Office under the auspices of President Recep Tayyip Erdoğan, by Minister of Industry and Technology Mehmet Fatih Kacır and BYD Chairman of the Board Wang Chuanfu. According to the statement made by the ministry, the agreement envisages that BYD will establish an electric and rechargeable hybrid automobile production facility with an annual capacity of 150,000 vehicles in Turkey with an investment of approximately 1 billion dollars, as well as an R&D center for sustainable mobility technologies. The facility, which is aimed to start production by the end of 2026, is planned to provide direct employment for up to 5,000 people. In a statement made by BYD, it was stated that “Thanks to Turkey’s unique advantages such as its developing technology ecosystem, strong supplier base, exceptional location and qualified workforce, BYD’s investment in this new production facility will further develop the brand’s local production capabilities and increase logistics efficiency. We aim to reach consumers in Europe by meeting the increasing demand for new energy vehicles in the region.”