China aims to use European production to reduce the impact of the EU’s punitive tariffs on China. BYD is the world’s largest electric car manufacturer.
11:19•Updated 11:24
Chinese electric car maker BYD has signed a billion dollar deal to set up a factory in Turkey.
The factory project was agreed on Monday in Istanbul at a ceremony attended by BYD’s CEO Wang Chuanfuand Turkish President Recep Tayyip Erdogan was also present.
A few days ago, the EU increased the tariffs on Chinese electric cars to a maximum of 38 percent, because China seems to be distorting competition with its own state subsidies. Cars manufactured in Turkey have a special status in the EU region based on the customs agreement signed in 1995, reports news agency AFP.
Cars manufactured in Turkey have a special status in the EU region based on the customs agreement signed in 1995, reports news agency AFP. Among others, Fiat, Renault, Ford and Toyota have factories in Turkey.
According to the Turkish Ministry of Industry and Technology, the BYD factory will employ around 5,000 people and produce 150,000 cars a year.