BYD signed a deal to open a $1 billion electric vehicle factory in Turkey, directly threatening Tesla's dominance in several European markets. The new factory in Turkey will have an annual capacity of 150,000 EVs and include a research and development division. BYD has sold EVs in Europe since 2021, but most sales are still in China. The new factories in Hungary and Turkey are aimed at expanding to Europe. Avoiding tariffs was a motivation for the Turkey factory given the country's customs trade deal with the EU. BYD also recently opened plants in Thailand and is finalizing a plant in Mexico, following Tesla's Gigafactory model of global expansion.
Category
🗞
NewsTranscript
00:00It's Benzinga, and here's what's on the block.
00:02BYD signed a deal to open a $1 billion electric vehicle factory in Turkey, directly threatening
00:08Tesla's dominance in several European markets.
00:11The new factory in Turkey will have an annual capacity of 150,000 EVs and include a research
00:17and development division.
00:18BYD has already sold EVs in Europe since 2021, but most sales are still in China.
00:24The new factories in Hungary and Turkey are aimed at expanding to Europe.
00:28Extending tariffs was a motivation for the Turkey factory given the country's customs
00:32trade deal with the EU.
00:33BYD also recently opened plants in Thailand and is finalizing a plant in Mexico following
00:38Tesla's Gigafactory model of global expansion.
00:41For all things money, visit Benzinga.com.