Chinese electric vehicle maker BYD will invest $1 billion to build a new car factory in Turkey that will be able to produce 150,000 electric and hybrid vehicles annually. The new plant will be located in Turkey, a country that has a customs union with the European Union, allowing vehicles to be exported tariff-free to EU markets. The factory is expected to start production by the end of 2026 and create around 5,000 new jobs in Turkey. The EU recently imposed provisional tariffs on electric vehicles imported from China. BYD is one of the world's largest EV makers and competes with Tesla for the top spot. It already has plans for a new EV factory in Hungary.
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00:00It's Benzinga and here's what's on the block.
00:02Chinese electric vehicle maker BYD will invest $1 billion to build a new car factory in Turkey
00:08that will be able to produce 150,000 electric and hybrid vehicles annually.
00:13The new plant will be located in Turkey, a country that has a customs union with the
00:18European Union, allowing vehicles to be exported tariff-free to EU markets.
00:23The factory is expected to start production by the end of 2026
00:26and create around 5,000 new jobs in Turkey.
00:29The EU recently imposed provisional tariffs on electric vehicles imported from China.
00:34BYD is one of the world's largest EV makers and competes with Tesla for the top spot.
00:39It already has plans for a new EV factory in Hungary.
00:42For all things money, visit Benzinga.com