BYD Company

During a recent presentation, Chery International President Zhang Guibing has hinted at the possibility of establishing a manufacturing base in Türkiye, alongside plans for Spain and Italy, as part of the company's European expansion strategy.

The Chinese carmaker has been holding talks with high-level Turkish officials for some time.

Chinese carmaker BYD, which plans to build a factory in Türkiye, has been holding talks with auto part suppliers across the country, according to Albert Saydam, the president of the Automotive Suppliers' Association (TAYSAD).

BYD's planned production plant and R&D center is the first foreign investment in the Turkish automotive sector in 27 years.

The Environmental Impact Assessment process has been initiated for the factory to be built by Chinese carmaker BYD in the western province of Manisa.

In July, BYD, the world's largest electric vehicle producer, signed an agreement with the Turkish Industry and Technology Ministry to set up a factory and make R&D investments in Türkiye worth $1 billion.

Türkiye is in close dialogue with Chinese automaker Chery on an automobile investment and has reached the final stages of the process, Industry and Technology Minister Mehmet Fatih Kacır has said.

The minister, however, did not provide other details.

Chinese electric vehicle manufacturer BYD's investment process in Turkey continues without any problems, Turkish industry ministry sources said on Thursday when asked about China's warning to its companies about risks of investing overseas.

Discussions are underway with other Chinese carmakers for new investments, the sources added, requesting anonymity.

Volkswagen is considering the unprecedented step of closing its factories in Germany for the first time in its 87-year history as part of a broader effort to cut costs amidst increasing competition from Chinese electric vehicle manufacturers, CNN and Financial Times report.

Türkiye is poised to become a major hub for global investments, particularly attracting international carmakers with various projects and production programs launched in recent years.

Türkiye aims to increase its share of global foreign direct investments (FDI) to 1.5 percent by 2028, Finance Minister Mehmet Şimşek has said.

Turkey expects foreign direct investment (FDI) to rise to $12-14 billion this year from around $10 billion in 2023, the head of the presidential investment office said in an interview, with automotive and data center investments on the agenda. 

Türkiye plans to draw on its geographical position and an EU customs deal to entice Chinese investors keen to access European markets tariff-free, as it recently just did with carmaker BYD.

Türkiye plans to draw on its geographical position and an EU customs deal to entice Chinese investors keen to access European markets tariff-free, as it recently just did with carmaker BYD.