BYD unveils plant to establish Turkey as key hub for center of technology, innovation

(MENAFN) BYD, the prominent Chinese automotive manufacturer, has unveiled ambitious plans to establish Turkey as a key hub for its future technological advancements and innovations in the automotive sector. Stella Li, Executive Vice President of BYD Ltd. and CEO of BYD Americas, underscored Turkey's significance as the third-largest auto manufacturing country in Europe, coupled with its wealth of highly skilled research and development professionals.

Li emphasized BYD's strong affinity for Turkey, citing the country's strategic location as the sole city connecting Asia to Europe—namely Istanbul—which positions Turkey as a pivotal manufacturing and distribution center. With its population exceeding 85 million, Turkey also represents a substantial market for automotive sales and growth opportunities.

Recently, BYD solidified its commitment to Turkey with a monumental USD1 billion agreement signed with Turkey's Ministry of Industry and Technology. This agreement outlines plans for constructing a state-of-the-art production facility and a cutting-edge research and development center. The project is anticipated to generate approximately 5,000 new jobs and manufacture around 150,000 vehicles annually once fully operational.

Li expressed optimism about the timeline for the project, hinting at a potential start of construction as early as the upcoming summer, with an ambitious target to complete the facility within a remarkably swift 12-month timeframe.

BYD's decision to invest heavily in Turkey underscores its strategic intent to capitalize on the country's advantageous geographical position, skilled workforce, and burgeoning automotive market. This move not only signifies BYD's commitment to expanding its footprint in Europe but also underscores Turkey's growing appeal as a prime destination for international investments in the automotive industry.



Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.