{"id":54886,"date":"2024-07-10T19:35:59","date_gmt":"2024-07-10T15:05:59","guid":{"rendered":"https:\/\/zardis.net\/news\/?p=54886"},"modified":"2024-07-10T19:35:59","modified_gmt":"2024-07-10T15:05:59","slug":"chinese-ev-giant-byd-to-build-1-billion-plant-in-turkey","status":"publish","type":"post","link":"https:\/\/zardis.net\/news\/54886\/chinese-ev-giant-byd-to-build-1-billion-plant-in-turkey\/","title":{"rendered":"Chinese EV giant BYD to build $\u06f1 billion plant in Turkey"},"content":{"rendered":"<div>\n<p>BYD\u2019s CEO Wang Chuanfu and Turkey\u2019s Industry and Technology Minister Mehmet Fatih Kaci signed the agreement in Istanbul, according to a statement from the Turkish ministry Monday. Turkish President Recep Tayyip Erdogan attended the signing ceremony, it said, according to CNN.<\/p>\n<p>\u201cWe aim to meet the growing demand for new-energy vehicles in the region and reach consumers in Europe,\u201d the statement cited BYD representatives as saying.<\/p>\n<p>The announcement came just days after provisional additional duties on imports of Chinese-made EVs into the European Union came into effect. The tariffs, ranging from 17.4% to 37.6%, are aimed at stopping a flood of cheap Chinese cars built with what the EU deems unfair support from the government.<\/p>\n<p>Turkey is in a customs union with the EU. That means vehicles can be exported from the country to the trading bloc tariff-free.<\/p>\n<p>According to the agreement with Turkey, BYD will invest about $1 billion in the factory, which will be able to produce 150,000 electric and hybrid vehicles annually, and set up a research and development center for sustainable mobility technologies at the plant.<\/p>\n<p>The factory is expected to start production at the end of 2026 and provide as many as 5,000 jobs in the country.<\/p>\n<p>CNN has reached out to BYD for comment but hasn\u2019t received a response.<\/p>\n<p>The EU\u2019s decision earlier this year imposed an extra 17.4% tariff on the vehicles BYD ships from China to the bloc, which also has a standard 10% duty on all car imports.<\/p>\n<p>Talks between the EU and China are expected to continue but, if no agreement is reached, the additional tariffs will become definitive in November.<\/p>\n<p>BYD already announced in December that it would build an EV factory in EU member Hungary, becoming the first major Chinese automaker to build passenger cars in Europe.<\/p>\n<p>MNA<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>BYD\u2019s CEO Wang Chuanfu and Turkey\u2019s Industry and Technology Minister Mehmet Fatih Kaci signed the agreement in Istanbul, according to a statement from the Turkish ministry Monday. Turkish President Recep Tayyip Erdogan attended the signing ceremony, it said, according to CNN. \u201cWe aim to meet the growing demand for new-energy vehicles in the region and [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[7103,7106,7100],"tags":[],"class_list":["post-54886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accidents-en","category-economy-and-markets-en","category-international-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/zardis.net\/news\/wp-json\/wp\/v2\/posts\/54886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/zardis.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/zardis.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/zardis.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/zardis.net\/news\/wp-json\/wp\/v2\/comments?post=54886"}],"version-history":[{"count":0,"href":"https:\/\/zardis.net\/news\/wp-json\/wp\/v2\/posts\/54886\/revisions"}],"wp:attachment":[{"href":"https:\/\/zardis.net\/news\/wp-json\/wp\/v2\/media?parent=54886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/zardis.net\/news\/wp-json\/wp\/v2\/categories?post=54886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/zardis.net\/news\/wp-json\/wp\/v2\/tags?post=54886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}