Chinese electric car manufacturer BYD has signed an agreement for a production facility investment in Turkey. According to the agreement, BYD will invest approximately $1 billion in Turkey.

BYD is expected to establish an R&D center for sustainable mobility technologies with an annual capacity of 150,000 vehicles and an electric and rechargeable hybrid car production facility in Turkey with an investment of approximately $1 billion.

The facility, which is targeted to start production by the end of 2026, is planned to provide direct employment for up to 5 thousand people.

Europe will be reached with Turkey's unique advantages

In the statement made regarding the preference of Turkey by BYD, which produces more than 3 million cars annually and is the world leader in electric vehicle sales, "Thanks to Turkey's unique advantages such as its developing technology ecosystem, strong supplier base, exceptional location and qualified workforce, BYD's investment in this new production facility will further improve the brand's local production capabilities and increase logistics efficiency. We aim to reach consumers in Europe by meeting the growing demand for new energy vehicles in the region."

First foreign investment in automotive after 27 years

With BYD's signature, a foreign direct investment has come to the Turkish automotive industry for the first time in 27 years. BYD's investment is expected to have a positive impact on other foreign investors. SWM Motor, which operates under Shineray Group, one of China's leading automotive manufacturers, of other Chinese brands such as Chery and MG, announced that it has applied to produce in Turkey.