{"id":49156,"date":"2024-07-11T10:31:59","date_gmt":"2024-07-11T09:31:59","guid":{"rendered":"https:\/\/www.innovationnewsnetwork.com\/?p=49156"},"modified":"2024-07-11T10:31:59","modified_gmt":"2024-07-11T09:31:59","slug":"byd-to-develop-1bn-ev-production-plant-in-turkey","status":"publish","type":"post","link":"https:\/\/www.innovationnewsnetwork.com\/byd-to-develop-1bn-ev-production-plant-in-turkey\/49156\/","title":{"rendered":"BYD to develop $1bn EV production plant in Turkey"},"content":{"rendered":"

Tesla’s rival BYD has signed an agreement with the Turkish Government to build a major EV production plant in the country.<\/h2>\n

China’s largest EV manufacturer outlined plans to develop the $1bn EV production facility that will expand the company’s manufacturing capabilities in Europe.<\/p>\n

The agreement was signed at an event held in Istanbul, which was attended by Turkey’s President Recep Tayyip Erdogan and BYD’s chief executive Wang Chuanfu.<\/p>\n

BYD’s latest European endeavour follows the company’s plans to develop an EV production plant in Hungary, with plans for an additional plant in the country in the works.<\/p>\n

The Chinese automaker’s expansion plans come at a pivotal time for the industry, with the EU recently announcing countervailing duties on importing Chinese electric vehicles.<\/a><\/p>\n

Overview of BYD’s Turkish EV plant<\/h3>\n

The company’s new EV production plant is expected to start production at the end of 2026.<\/p>\n

BYD says the facility will produce up to 150,000 electric vehicles annually and will create around 5,000 jobs.<\/p>\n

Turkey’s strategic location<\/h3>\n

Turkey could prove pivotal for BYD’s ambition of becoming the world’s EV superpower.<\/p>\n

This is because Turkey is a member of the EU Customs Union, meaning EVs made in Turkey and exported to the EU can avoid additional tariffs.<\/p>\n

Turkey also has a rich history of auto manufacturing, ranking 13th<\/sup> globally with over 1.3 million vehicles made in 2022<\/a> alone.<\/p>\n

Moreover, around 70% of Turkish-made vehicles are exported, making it a critical part of the country’s economy, with Germany being a top buyer.<\/p>\n

Industry giants such as Ford, Fiat, Renault, Hyundai, and Toyota all have production plants in Turkey, making the nation a hub of technological expertise with established supply chains.<\/p>\n

Turkey’s automotive sector is on the rise, with a focus on research and development alongside established manufacturing strengths.<\/p>\n

BYD’s investment into an EV production plant in the country signifies not only their ambitions to become the planet’s premier EV manufacturer but also Turkey’s potential as a hub for innovation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tesla’s rival BYD has signed an agreement with the Turkish Government to build a major EV production plant in the country.<\/p>\n","protected":false},"author":15,"featured_media":49157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[24425],"tags":[582],"acf":[],"yoast_head":"\nBYD to develop $1bn EV production plant in Turkey<\/title>\n<meta name=\"description\" content=\"Tesla's rival BYD has signed an agreement with the Turkish Government to build a major EV production plant in the country.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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