President Recep Tayyip Erdoğan attended the signing ceremony for an investment agreement between China’s BYD, the largest electric vehicle manufacturer in the world, and the Ministry of Industry and Technology in Turkey.
The meeting held at the Dolmabahçe Working Office was closed to the press.
Following the meeting, an agreement was signed for BYD to invest in Turkey.
During the ceremony, which included President Erdoğan, the agreement was signed by Minister of Industry and Technology Mehmet Fatih Kacır and BYD Chairman Wang Chuanfu.
After the signing ceremony, participants took a commemorative photo.
BYD TO INVEST $1 BILLION AND PRODUCE 150,000 VEHICLES PER YEAR
According to a statement from the ministry, the agreement envisions BYD establishing an electric and plug-in hybrid vehicle production facility and R&D center in Turkey with an investment of approximately $1 billion, with an annual capacity of 150,000 vehicles.
The facility, which aims to start production by the end of 2026, is expected to provide direct employment for up to 5,000 people.
Last month, a 40% additional import tax was imposed on Chinese cars.
However, companies that obtained an investment incentive certificate were exempted from this tax.
CHINESE SWM MOTOR HAS ALSO APPLIED FOR PRODUCTION
Following BYD, another Chinese manufacturer, SWM Motor, has also applied for production in Turkey.
The company stated, “We are currently working on a production facility with an annual capacity of more than 50,000 vehicles.”
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Arwen Volkov, A graduate of the University of St. Gallen in Switzerland with a degree in International Finance, Arwen specializes in sustainable finance and green investments. She began her career at an investment bank in London, where she developed financing models for environmentally friendly projects. Known for her analytical and strategic thinking skills, Arwen is a sought-after financial consultant. In her spare time, she mentors fintech startups, contributing to their growth strategies. She is also a nature enthusiast and an amateur photographer.
