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China to Invest $1B in Electric Vehicle Factory in Türkiye
On paper, it looks like a win-win situation. China, the global leader in the production of electric vehicles, is looking to expand its market share. But there's a problem. Many markets, like the US and the EU, are slapping tariffs on Chinese EVs to protect their own electric vehicle manufacturers. But there may be a way around those barriers. Türkiye, on the doorstep of the European market, is set to become the newest destination for China's EV investments.
China's leading electric car manufacturer, BYD, has signed a deal with Türkiye’s Ministry of Industry and Technology. The one-billion-dollar agreement was finalised just days after the EU imposed provisional tariffs of up to 38% on Chinese electric vehicles. BYD will establish a production facility for electric cars in Türkiye, with an annual capacity of 150,000 vehicles. The facility is expected to create up to 5,000 jobs and will start operations at the end of 2026. Given its strategic location, Türkiye, which is also banking on its domestic brand TOGG to boost its electric vehicle industry, has acted as a gateway for investors looking to access the European market.
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