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BYD poised to build $1 billion EV plant in Turkey amid rising trade tensions

Baua Electric

By: Bloomberg | Updated on: 07 Jul 2024, 08:12 AM Turkey is set to unveil an agreemeent with BYD Co. to build a one billion dollar plant that will improve the Chinese EV maker's access to the European bloc amid rising trade tensions --> Turkey is set to unveil an agreemeent with BYD Co.

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BYD is building a massive $1 billion EV plant in Turkey as global expansion accelerates

Baua Electric

BYD signed a deal to build a massive $1 billion EV plant in Turkey on Monday. The news comes after BYD opened its first factory in Thailand, with others planned in Brazil and Mexico as it expands in overseas markets. Turkey’s President, Recep Tayyip Erdogan, is expected to officially announce the deal on Monday.

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BYD closes in on huge $1 billion EV plant in Turkey as global expansion accelerates

Baua Electric

BYD is closing in on a deal to build a massive $1 billion EV plant in Turkey. The news comes after BYD opened its first factory in Thailand, with others planned in Brazil and Mexico as it expands in overseas markets. Turkey’s President, Recep Tayyip Erdogan, is expected to officially announce the deal on Monday.

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China discourages local automakers from building EV plants overseas

Teslarati

China’s Ministry of Commerce discouraged Chinese automakers from investing overseas. In July, the Ministry of Commerce told Chinese automakers not to invest in India and “strongly advised” against investments in Russia and Turkey. Leapmotor might be a step ahead of its Chinese competitors though.

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Stellantis, Leapmotor officially launch joint venture to sell Chinese EVs in Europe this fall

Baua Electric

The new JV, named “Leapmotor International,” will expand to sell Chinese EVs in Europe this fall, with additional markets to follow. billion stake in Chinese OEM Leapmotor. Stellantis expects to have at least 200 points of sale throughout these markets by year’s end and over 500 by 2026. We now have our answer.

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BYD Europe hires former Fiat Chrysler COO

Teslarati

Altavilla will be BYD’s special advisor for the European market. BYD has set ambitious goals for its global market expansion. BYD forecasts that its overseas market will account for 50% of its global sales in the future, and Europe plays a significant role in the Chinese automaker’s plans.

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To beat EV tariffs, China looks to double production to staggering amounts

Baua Electric

Chinese automakers are aiming to more than double their full-process manufacturing capacity outside of China, all in hopes of beating out import tariffs on Chinese-made vehicles and meeting demand for EVs, according to a report from Bloomberg. million vehicles in 2023 to more than 2.7 million by 2026. million by 2026.

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