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The impact of BYD’s $1bn deal with Turkey on the electric car market

China’s biggest electric car manufacturer, BYD, has recently agreed to a $1 billion deal to establish a manufacturing plant in Turkey, marking a significant move for the company to expand its production globally. This development will have a major impact on the electric car market, particularly in the European Union where BYD faces increasing pressure due to rising tariffs on Chinese-made EVs. The new facility in Turkey will have the capacity to produce up to 150,000 vehicles annually, creating around 5,000 jobs and starting production by the end of 2026. The deal was signed in Istanbul, attended by President Recep Tayyip Erdogan and BYD’s chief executive Wang Chuanfu. It comes as part of BYD’s strategy to diversify production outside of China, following recent expansions in Hungary, Thailand, and plans for a manufacturing plant in Mexico. The move also highlights the growing competition in the EV market, with BYD positioning itself as a key player globally, backed by notable investor Warren Buffett and challenging Tesla’s dominance in the industry. With the increase in tariffs on Chinese EVs in the EU and the US, Turkey’s strategic location within the EU Customs Union provides an advantage for BYD to export vehicles to the EU without additional tariffs, supporting the company’s growth in the region and strengthening its presence in the global electric car market.