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.
