TURKISH President Recep Tayyip Erdogan was expected to announce an agreement with BYD Co to build a US$1 billion plant in the west of the country, according to Turkish officials, reports Bloomberg.
This would boost the Chinese automaker's presence in Europe at a time of escalating trade tensions.
The new factory would improve BYD's access to the European Union, because turkey has a customs-union agreement with the bloc. The EU moved ahead this week with plans to impose provisional tariffs on electric vehicles imported from China, hitting BYD with an additional 17.4 per cent charge on top of the existing 10 per cent rate.
There's also a domestic market to serve, with EVs accounting for 7.5 per cent of car sales last year in Turkey, a country with a population of almost 90 million.
SeaNews Turkey
This would boost the Chinese automaker's presence in Europe at a time of escalating trade tensions.
The new factory would improve BYD's access to the European Union, because turkey has a customs-union agreement with the bloc. The EU moved ahead this week with plans to impose provisional tariffs on electric vehicles imported from China, hitting BYD with an additional 17.4 per cent charge on top of the existing 10 per cent rate.
There's also a domestic market to serve, with EVs accounting for 7.5 per cent of car sales last year in Turkey, a country with a population of almost 90 million.
SeaNews Turkey
