Chinese manufacturer BYD to build factory in Türkiye and avoid EU import duties

Chinese electric car manufacturer BYD, which stands for 'Build Your Dreams', signed a deal with Türkiye on Monday (8 July) to open a major factory in the country. The move will allow the Chinese to avoid new import tariffs from Brussels.

The plant is worth $1 billion (around €920 million). President Recep Tayyip Erdogan attended the signing ceremony in Istanbul between BYD chief Wang Chuanfu and Turkish Industry and Technology Minister Fatih Kacir.

The new plant will be able to produce 150,000 cars a year. There will also be a research and development centre. The plant will employ five thousand people.

Source: commonspace.eu with agencies 

Related articles

Editor's choice
News
Putin remains focused on "near abroad". The Russian leader will meet the leaders of CIS countries in St Petersburg next week

Putin remains focused on "near abroad". The Russian leader will meet the leaders of CIS countries in St Petersburg next week

Russian President Vladimir Putin  remains focused on the "near abroad". Tomorrow and on Monday (21-22 December) Putin will attend a meeting of the Supreme Eurasian Economic Council and an informal meeting of CIS leaders in St. Petersburg. The Kremlin press service reported that during the EAEU meeting, the leaders plan to discuss current issues related to the EAEU's activities, outline guidelines for further deepening integration processes and developing the Union's single market, and approve a number of significant documents and decisions. Furthermore, at Vladimir Putin's initiative, the traditional informal meeting of the leaders of the Commonwealth of Independent States will take place in St. Petersburg on December 22. The Russian President will also hold bilateral discussions with the leaders of a number of countries.

Popular

Editor's choice
News
Putin remains focused on "near abroad". The Russian leader will meet the leaders of CIS countries in St Petersburg next week

Putin remains focused on "near abroad". The Russian leader will meet the leaders of CIS countries in St Petersburg next week

Russian President Vladimir Putin  remains focused on the "near abroad". Tomorrow and on Monday (21-22 December) Putin will attend a meeting of the Supreme Eurasian Economic Council and an informal meeting of CIS leaders in St. Petersburg. The Kremlin press service reported that during the EAEU meeting, the leaders plan to discuss current issues related to the EAEU's activities, outline guidelines for further deepening integration processes and developing the Union's single market, and approve a number of significant documents and decisions. Furthermore, at Vladimir Putin's initiative, the traditional informal meeting of the leaders of the Commonwealth of Independent States will take place in St. Petersburg on December 22. The Russian President will also hold bilateral discussions with the leaders of a number of countries.