Turkey to boost EVs output with USD5B stimulus package, investments in advanced technology
Date
7/28/2024 6:02:43 AM
(MENAFN) Turkish President Recep Tayyip Erdogan announced on Friday an ambitious plan to enhance the country's electric vehicle (EV) production capabilities, aiming to reach an annual production of 1 million units through a comprehensive USD5 billion incentive package. Speaking in Istanbul, Erdogan highlighted Turkey's commitment to becoming a significant player in the EV market, facilitated by substantial investments and strategic partnerships. Notably, China's largest EV manufacturer, BYD, has agreed to establish a USD1 billion factory in Turkey, marking a significant milestone in the nation's EV manufacturing sector.
Erdogan emphasized the long-term vision of Ankara to solidify its position in the advanced technology fields. To this end, the government plans to unveil additional incentive packages totaling USD30 billion, targeting various sectors of advanced technology. Among these initiatives is a USD5 billion stimulus package dedicated to constructing a semiconductor chip factory, aiming to address the growing global demand for semiconductors.
Furthermore, Erdogan outlined Turkey's ambitious battery production goals, with plans to establish an 80 GWh capacity production base by 2030, supported by a USD4.5 billion incentive package. This move is part of a broader strategy to become a regional hub for battery manufacturing, crucial for the burgeoning EV industry.
In the renewable energy sector, Erdogan announced that Turkey would provide USD2.5 billion in grants to support the installation of solar power systems with a capacity of up to 15 gigawatts. Additionally, the government has allocated USD1.7 billion to develop the necessary components for wind power generation, further cementing Turkey's commitment to expanding its renewable energy infrastructure.
These initiatives reflect Turkey's strategic efforts to diversify its economy, reduce its carbon footprint, and enhance its technological capabilities. By fostering growth in the EV sector and other advanced technologies, Turkey aims to position itself as a leader in the global transition towards sustainable and innovative industries.
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