On July 8th, local time, BYD signed an agreement with the Turkish government to invest in a manufacturing facility and research center in Turkey. President Erdogan attended the signing ceremony.

According to the agreement, BYD will invest approximately $1 billion (approximately 7.294 billion RMB) to establish a factory capable of producing 150,000 vehicles annually, along with a research and development center. The factory is scheduled to start production by the end of 2026, providing employment for up to 5,000 workers.

Reports indicate that under the "Customs Union" established in 1995, vehicles manufactured in Turkey enjoy preferential treatment for entry into the European Union, making the Marmara region around Istanbul a key hub in the global automotive industry. Additionally, land previously allocated to Volkswagen in Manisa, northern Izmir, will now be used by BYD.

In May this year, Turkish Minister of Industry and Technology, Mehmet Fatih Kacır, informed Bloomberg that, besides BYD, negotiations were also underway with Chery regarding investment in the country.