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Chinese automaker BYD (OTC:BYDDY) (OTC:BYDDF), backed by Warren Buffett's Berkshire Hathaway, has announced plans to invest $1 billion in the construction of an electric vehicle (EV) plant in Turkey.
What Happened: The investment contract was signed with the Turkish government on July 8, in the presence of Turkish President Recep Tayyip Erdogan, reported CnEVPost.
The new facility, with an annual production capacity of 150,000 vehicles, is slated to begin operations by the end of 2026.
Alongside the EV plant, BYD also aims to set up a research and development center in Turkey. This strategic move is seen as an expansion into the European market, considering Turkey’s position as Europe’s third-largest automobile exporter and its free trade agreements with 23 European countries.
The decision was influenced by Turkey’s recent reduction in tariffs on Chinese car imports to encourage investment. This is a notable development for BYD, which is currently facing higher tariffs in Europe.
The European Commission recently imposed temporary countervailing duties on imports of battery electric vehicles from China, with BYD facing a rate of 17.4%.
See Also: Basketball Player Trae Young Now Drives A Blue Wrapped Cybertruck Nicknamed ‘SnowMobile’
BYD is rapidly increasing its global presence, with factories built in several overseas markets, including Hungary and Brazil. The company also commenced production at its plants in Uzbekistan and Thailand earlier this year.
Why It Matters: This investment is part of BYD’s aggressive global expansion strategy.
Earlier this year, the automaker unveiled its most expensive vehicle to date, a fully electric supercar valued at $233,450, as a direct challenge to traditional supercar manufacturers like Ferrari NV and Lamborghini.
In April, BYD revealed its first electric pickup truck, the BYD Shark, positioning it as a competitor to Tesla’s Cybertruck. This was followed by the launch of its premium brand's first sedan at the Beijing auto show, posing a direct challenge to luxury automakers such as Mercedes-Benz.
The new Turkish plant is a significant step in BYD’s global expansion, providing the company with a strategic foothold in the European market.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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