Summary

  • BYD moving forward with plans for EV plant in Turkey despite China’s warning about investing overseas
  • $1 billion investment in Turkey creating 5,000 jobs, production expected by end of 2026
  • Turkey sources confirm that BYD’s investment will proceed without issues
  • BYD looking to expand outside of China due to geopolitical risks and tariffs in US and Europe
  • BYD also opened EV plant in Thailand in July, record number of vehicles sold in August

Article

China’s leading electric vehicle manufacturer, BYD, is moving forward with its plans to open a new plant in Turkey despite recent warnings from the Chinese government about the risks of investing overseas. The $1 billion investment in Turkey is expected to create 5,000 new jobs and the plant is set to begin production by the end of 2026, with an annual capacity of up to 150,000 vehicles as BYD expands its global footprint outside of China.

The Turkish industry ministry has confirmed that BYD’s investment in Turkey will proceed as planned, despite China’s cautionary advice to domestic automakers to avoid investing in countries like India, Russia, and Turkey due to geopolitical risks. However, China seems to be more supportive of investments in Europe and Thailand, where BYD recently opened its first plant in July with hopes of increasing EV sales in the country in the coming years.

In an effort to sustain growth and navigate China’s aggressive EV price war, domestic automakers like BYD are looking to expand internationally. With the US and Europe imposing higher tariffs on Chinese-made EVs, Chinese automakers are increasingly investing in regions like Southeast Asia and South America. BYD is also said to be considering announcing a new EV plant in Mexico after the upcoming US election in November.

Despite facing intensifying competition in the global EV market, BYD achieved record sales in August, surpassing 1 million electric car sales well ahead of last year. Ranking as the seventh-largest automaker globally after outpacing Honda and Nissan in Q2, BYD is hoping that local production in various regions can further accelerate its overseas growth and potentially propel it even higher in the rankings.

BYD’s expansion into international markets reflects a broader trend among Chinese automakers as they seek to diversify their investments and tap into new markets. The company’s commitment to its Turkey EV plant signals its confidence in the project’s success despite geopolitical uncertainties. With BYD’s strong sales performance and ambitious growth plans, it remains to be seen how far the company can climb in the global automotive industry in the coming years.

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