The Turkish Ministry of Industry and Technology recently signed a historic $1 billion investment agreement with China's BYD, the world's largest electric vehicle (EV) manufacturer. The official ceremony took place in the Presidential Working Office in Dolmabahçe, Istanbul, under the auspices of President Recep Tayyip Erdoğan.

 Key Points:

1. Investment Details:

    BYD will invest $1 billion to build an electric and plugin hybrid car production facility in Turkey.

    The facility will have the capacity to manufacture 150,000 units annually.

    Additionally, a sustainable mobility and R&D center will be established alongside the production plant.

    The project aims to create up to 5,000 direct jobs.

    Production is scheduled to begin by the end of 2026.

2. Strategic Importance:

    Minister of Industry and Technology, Mehmet Fatih Kacır, emphasized the significance of this investment for Turkey's industrial landscape.

    BYD's decision to establish a factory in Turkey reflects the country's robust industrial policies and commitment to fostering a businessfriendly environment.

3. Unique Advantages of Türkiye:

    BYD's CEO, Wang Chuanfu, praised Türkiye's advantages, including its developing technology ecosystem, strong supplier base, strategic location, and qualified workforce.

    These factors will enhance BYD's local production capabilities and logistics efficiency.

4. Global Automotive Industry Hub:

    The new factory positions Türkiye as a key hub for advanced technological production in the global automotive industry.

    It will incorporate cuttingedge technologies, foster innovation, and facilitate knowhow transfer.

    The project aims to create a significant regional supply chain.

In summary, BYD's substantial investment underscores Türkiye's growing importance in the EV sector and highlights its potential as a major player in advanced automotive manufacturing. With this landmark agreement, Türkiye takes a significant step toward shaping the future of sustainable mobility.

Note: The information provided is based on official announcements and news sources.