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BYD revolutionizes European auto industry with $1 billion Turkish investment
Publish date: 2024-07-09
Leading Chinese electric vehicle manufacturer BYD is investing around $1 billion in the Turkish economy to build a plant with an annual capacity of 150,000 electric and hybrid vehicles.
The new plant, set to start operations by the end of 2026, will employ up to five thousand people. The plant will be located in the western province of Manisa and include a research and development center for sustainable mobility technologies.
Recently, the EU imposed tariffs on the import of Chinese electric vehicles. From July 5, tariffs on Chinese-made electric vehicles will be in effect for at least four months, and if there are no compelling reasons to reconsider them by November, the tariffs will remain in place for the next five years. Individual tariffs will apply to three Chinese manufacturers: BYD (17.4%), Geely (19.9%), and SAIC (37.6%).
According to the European Federation for Transport and Environment , in 2023, 19.5% of electric vehicles sold in Europe were made in China, and this share could rise to 25% in 2024.
BYD's investments in Turkey and Hungary will also significantly impact the local economies of these countries.
The new plant, set to start operations by the end of 2026, will employ up to five thousand people. The plant will be located in the western province of Manisa and include a research and development center for sustainable mobility technologies.
Recently, the EU imposed tariffs on the import of Chinese electric vehicles. From July 5, tariffs on Chinese-made electric vehicles will be in effect for at least four months, and if there are no compelling reasons to reconsider them by November, the tariffs will remain in place for the next five years. Individual tariffs will apply to three Chinese manufacturers: BYD (17.4%), Geely (19.9%), and SAIC (37.6%).
According to the European Federation for Transport and Environment , in 2023, 19.5% of electric vehicles sold in Europe were made in China, and this share could rise to 25% in 2024.
BYD's investments in Turkey and Hungary will also significantly impact the local economies of these countries.
Source: News.Az International
