Four days after BYD inaugurated its new Thailand plant, Chinese EV maker signs an agreement to expand its global manufacturing footprint into Turkiye with plans for a similar 150,000-units-per-annum capacity plant.
09 Jul 2024 | 2498 Views | By Ajit Dalvi
BYD, China’s and the world’s largest electric vehicle maker, is expanding its global manufacturing footprint to Turkiye. On July 8, according to Turkish news agency Anadolu Ajansi, BYD signed a contract with the Turkish Industry and Technology Ministry to invest in a new plant in Turkiye.
On Monday, the ...
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BYD, China’s and the world’s largest electric vehicle maker, is expanding its global manufacturing footprint to Turkiye. On July 8, according to Turkish news agency Anadolu Ajansi, BYD signed a contract with the Turkish Industry and Technology Ministry to invest in a new plant in Turkiye.
On Monday, the Turkish Industry and Technology Ministry and BYD signed the deal in a ceremony attended by President Recep Tayyip Erdogan, Industry and Technology Minister Mehmet Fatih Kacir, and BYD chairman and CEO Wang Chuanfu. Erdogan also met with a BYD delegation in Istanbul.
The investment, which is billed to be in the region of US$ 1 billion (Rs 8,330 crore), will see the construction of a BYD Turkiye plant which will have a manufacturing capacity of 150,000 EVs per annum. There will also be an R&D and mobility centre. The facility is slated to commence production at the end of 2026 and will create 5,000 local jobs.
The new plant contract signing in Turkey comes just four days after BYD inaugurated its new plant in Rayong, Thailand as well as produced its eight-millionth new energy vehicle on July 4, marking two milestones in the company's global expansion programme. The Thailand plant has an annual manufacturing capacity of 150,000 new energy vehicles.
Earlier this month, in an effort to encourage investment in local manufacturing, Turkiye has also announced an additional 40% tax on imported vehicles from China. This is in sync with the EU’s recent move to apply provisional tariffs of up to 37.6% on Chinese EVs from July 4.
Meanwhile, according to the Turkish news agency Anadolu Ajansi, another Chinese EV maker SWM has applied to build a manufacturing plant in Turkiye, which is a gateway to Europe.
BYD produces a million units produced in just three months
Since achieving the roll-off of its millionth new energy vehicle in May 2021, BYD has achieved the impressive milestone of 8 millionth vehicles in just over three years.
That's not all. Sustained global demand for its NEVs means that the company continues to improve its production speed. On March 25, 2024, BYD rolled out its seven millionth NEV, barely four months after the six millionth car rolled out. Now the eight million unit has rolled out on July 4: that's just 101 days or a little over three months.
BYD plans to continue to expand its global market presence, leveraging its advanced technology and innovative products. As more overseas factories come into operation, BYD's global production capacity will progressively strengthen.
In June, BYD sold a total of 341,658 NEVs, up 35% YoY, and also commissioned the BYD Uzbekistan Factory.