China’s BYD, which vies with Tesla for the title of the world’s top maker of battery electric vehicles, has agreed to build a $1 billion car factory in Turkey, the Turkish government has announced.
BYD’s CEO Wang Chuanfu and Turkey’s Industry and Technology Minister Mehmet Fatih Kaci signed the agreement in Istanbul, according to a statement from the Turkish ministry Monday. Turkish President Recep Tayyip Erdogan attended the signing ceremony, it said. “We aim to meet the growing demand for new-energy vehicles in the region and reach consumers in Europe,” the statement cited BYD representatives as saying.
According to the agreement with Turkey, BYD will invest about $1 billion in the factory, which will be able to produce 150,000 electric and hybrid vehicles annually, and set up a research and development center for sustainable mobility technologies at the plant. The factory is expected to start production at the end of 2026 and provide as many as 5,000 jobs in the country. CNN has reached out to BYD for comment but hasn’t received a response.
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