BYD's $1 billion investment in Türkiye remains on hold

President Erdoğan announced that Chinese BYD, one of the world's largest electric vehicle manufacturers, will establish an R&D center for electric and rechargeable hybrid car production and other sustainable transportation technologies with an annual capacity of 150,000 vehicles, with an investment of $1 billion.

The agreement stated that the facility, which is planned to provide employment, is targeted to begin production by the end of 2026. Industry and Technology Minister Mehmet Fatih Kacır and BYD Chairman Wang Chuanfu attended the signing ceremony.

While the decision of Chinese electric vehicle manufacturer BYD to make an investment was welcomed by the public, the fact that the brand has not lifted a finger about the factory even though nearly 1.5 years have passed and the deadline is approaching brings to mind the question, "Has the investment been abandoned?"

WILL THE FACTORY BE OPERATIONAL IN 12 MONTHS?

According to Yeni Şafak, BYD, which is planned to be established in Manisa and has been granted investment incentives, must complete the factory by the end of 2026. The Chinese brand, however, has taken an ambitious approach and, as the deadline approaches, has not yet completed any work on the allocated land. However, the brand's top executives believe the factory can be built within six months.

SOLD 40,000 VEHICLES WITH TAX ADVANTAGES

BYD, which entered the Turkish market in October 2023, was able to sell 2,000 vehicles by July 2024, when it made the factory investment decision, but has sold 40,000 vehicles since November 2024, when the incentive came into effect. The brand's total vehicle sales target for 2025 is 50,000.

Odatv.com