Skip to content Skip to Search
Skip navigation

Chinese EV maker Byd to open $1bn plant in Turkey

The Byd booth at the Auto Shanghai show in April 2023. The new Byd factory in Turkey will boost its access to the EU Reuters/Aly Song
The Byd booth at the Auto Shanghai show in April 2023. The new Byd factory in Turkey will boost its access to the EU

Chinese electric vehicle (EV) manufacturer Byd will construct a $1 billion plant in Turkey, according to a news report.

The agreement was signed between the Chinese company and Turkey’s industry and technology ministry on Monday in the presence of Turkey’s president Tayyip Erdogan.

Bloomberg reported citing officials that the announcement planned on Monday.

The electric and rechargeable hybrid car production facility will produce 150,000 vehicles per year. In addition, there will be an research and development (R&D) centre for sustainable mobility technologies in Turkey, Daily Sabah newspaper reported.
The new factory will boost Byd’s access to the European Union (EU), given Turkey’s customs-union agreement with the trade bloc, the report said.

The EU this month announced plans to impose tariffs on Chinese EVs, adding 17.4 percent to the existing 10 percent rate.
Turkey unveiled plans to remove the additional 40 percent tariff on all vehicles from China to encourage investment from Beijing.

President Erdogan and China’s President Xi Jinping met last Thursday during the Shanghai Cooperation Organisation in Astana, Kazakhstan, the news agency reported.

Passenger and light commercial vehicle sales declined by 5.3 percent year on year in June to 106,238 units, a third consecutive monthly drop, the Automotive Distributors and Mobility Association data showed.
However, EV sales hit 8,032 units last month, surging over 143 percent year on year. Sales climbed by 223 percent to 35,636 units from January to June.

Turkey saw a ninefold jump in EV sales last year, with 65,562 units sold, making up 6.8 percent of the total auto market.

Latest articles

In a concession to the electorate, the legislation before parliament proposes a 25 percent increase in the payment to pensioners on the lowest rate of support

Turkey targets business with steep taxes to raise revenue

Multinational corporations operating in Turkey face a steep increase in their tax bills, thanks to one of the new revenue-raising measures outlined by the government in draft legislation aimed at narrowing the budget deficit. Under the new tax reforms, tabled before the parliament on July 16, multinationals with more than $817.6 million in annual consolidated […]

Saudi growth forecast

IMF lowers Saudi growth forecast over oil output cuts

The International Monetary Fund has lowered its forecast for economic growth in Saudi Arabia by almost an entire percentage point, as cuts in oil production continue to weigh heavily on the kingdom’s economy.  In its World Economic Outlook Update, the IMF reduced its forecast for Saudi GDP growth to 1.7 percent for this year, down […]

People, Person, Groupshot APQ CEO Ebubekir Koyuncu (sitting left) and Aramco acting senior vice president of new business development Mohanad M Alamdar at the signing ceremony

Saudi Aramco bolsters blue hydrogen portfolio 

Saudi Aramco has acquired a 50 percent stake in Jubail-based Blue Hydrogen Industrial Gases Company (BHIG), a wholly-owned subsidiary of Air Products Qudra. No financial details were disclosed. The transaction, subject to standard closing conditions, includes options for the oil giant to offtake hydrogen and nitrogen.  The remaining 50 percent will be owned by APQ, […]

Egypt's SCA is seeking revenue of $9 billion from the Suez Canal operation in 2024/2025, 25 percent more than the previous year

Egypt to float Suez Canal subsidiary next year

Egypt’s Suez Canal Authority (SCA) is planning to list Canal Mooring & Lights Company, a specialist in the mooring and unmooring of ships, on the local bourse, a news report said. The proposed listing will take place early next year, Bloomberg Ashraq reported, quoting SCA’s chairman Osama Rabie. In June 2023, the official confirmed the […]