Bloomberg: BYD to invest $1 billion in Türkiye

Türkiye is preparing to sign a $1 billion electric vehicle facility deal with China’s BYD.

Chinese electric car maker BYD has reached an agreement with Turkey to build a new factory worth $1 billion, according to Bloomberg’s Fırat Kozok and Selcan Hacaoğlu.

Details about the plant to be set up in the western part of the country will be announced soon, according to officials privy to the information.

President Recep Tayyip Erdogan is expected to announce the deal at a ceremony on Monday in Manisa, where the factory is located.

BYD and the Turkish presidency declined to comment.

The new facility could give BYD easier access to the European Union, thanks to Turkey’s customs union agreement with Europe. It would also serve the domestic market, where electric vehicles accounted for 7.5% of car sales last year.

Tax exemption has arrived

This morning, by presidential decision, provisions were made for an additional tax of 40%, or $7,000, to be imposed on Chinese imported cars starting June 7, which was later referred to as an “additional financial liability.”