China's BYD to Build $1 Billion Electric Vehicle Plant in Türkiye

China's BYD has signed a dedal to build a $1 billion electric vehicle (EV) plant in Türkiye. The production facility will have an annual capacity of 150,000 vehicles and an R&D centre for sustainable mobility technologies.

The plant will provide direct employment for up to 5,000 people.

It is planned to start production at the end of 2026. 

The signatures with the Chinese automotive giant were completed in Istanbul by the Turkish Industry and Technology Minister Mehmet Fatih Kacır and BYD Chairperson and CEO, Wang Chuanfu.

On X, Kacır posted: "Within the framework of the agreement, we envisage that BYD will establish an electric and rechargeable hybrid car production facility with an annual capacity of 150,000 vehicles and an R&D center for mobility technologies in our country, with an investment of approximately 1 billion dollars. The facility, which is planned to start production at the end of 2026, will directly employ up to 5,000 people."

Kacir added: "This investment decision, taken as a result of the intensive negotiations we have had since our visit to China in December, shows that Turkey is a center of attraction for global investments."

BYD is one of the world's largest manufacturer of electric vehicles.