BYD to Build Plant in Turkey, Expand in Asia

Chinese electric vehicle giant BYD has signed a $1 billion deal to build a manufacturing plant in Turkey, capable of producing 150,000 vehicles annually and creating approximately 5,000 jobs. This move aims to bypass new EU tariffs on Chinese EVs, leveraging Turkey's customs union with the EU for better market access. The plant, expected to start production by the end of 2026, will also include a research and development center. Concurrently, BYD is expanding its presence in Southeast Asia by acquiring a 20% stake in its Thai distributor, Rever Automotive, following the recent opening of its first factory in Thailand. The Thai plant, costing about $490 million, will also produce 150,000 vehicles annually, reinforcing BYD's dominant market position in Thailand, where it holds a 46% share in the EV market.