China's BYD, the world's largest electric vehicle producer, has signed a deal with the Turkish Industry and Technology Ministry to make investments in Türkiye.
The firm is expected to build a factory in Türkiye with a capacity for manufacturing 150,000 vehicles, as well as a mobility and R&D center with a total investment of $1 billion, the ministry said Monday.
The firm is expected to begin production at the end of 2026 and create 5,000 jobs directly in the country.
On Monday, the parties signed the deal in a ceremony attended by President Recep Tayyip Erdogan, Turkish Industry and Technology Minister Mehmet Fatih Kacir, and BYD Chairman and CEO Wang Chuanfu.
Erdogan also meet with a BYD delegation in Istanbul.
On Monday, Türkiye also announced the imposition of an additional 40% tax for imported vehicles from China to boost domestic production's share of the Turkish market and encourage investments.
The EU Commission also announced additional tariffs for electric vehicles from China.
On Monday, SWM, another Chinese automaker, announced it was applying to build a factory in Türkiye.
