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Chinese EV maker BYD Company (OTCPK:BYDDF) plans to build a massive $1B EV plant in Turkey with an annual capacity of 150,000 vehicles, Turkey’s state-run Anadolu news agency said on Monday.
Production is expected to begin at the end of 2026. The plant would include a mobility and R&D center and employ 5,000 people.
Turkey’s President Recep Tayyip Erdogan, Industry and Technology Minister Mehmet Fatih Kacir, and BYD Chairman and CEO Wang Chuanfu signed the deal on Monday. “This investment for the production of new generation vehicles with high domestic added value will strengthen our automotive industry.” Kacir said.
Given Turkey’s customs union with the EU, this new plant could help BYD (OTCPK:BYDDF) overcome the potential impacts of new EU tariffs on Chinese EV imports.
As the EV giant develops in international markets, additional factories in Brazil and Mexico are also on the horizon. BYD (OTCPK:BYDDF) recently inaugurated its first factory in Thailand.
Another Chinese automaker, SWM also said that it was applying to build a factory in Turkey.
BYD Company (OTCPK:BYDDF) gets a Quant rating of Buy on Seeking Alpha, with the highest factor grades given to momentum and profitability. Compare key stats of top EV players in the Chinese market.