Latest Report, BYD Reaches Agreement With Turkey To Build Electric Vehicle Factory

JAKARTA - BYD is very serious about expanding into the international market, the latest Chinese manufacturer is rumored to have approached an agreement with the Turkish government to build a factory in the country.

Citing from the CNevpost website, Saturday, July 6, based on a report from Bloomberg Turkey will soon announce an agreement with BYD to build a factory with extraordinary investment value.

"Turkey will soon announce an agreement with BYD to build a plant," the report read.

Reportedly Turkish President Recep Tayyip Erdogan will announce the deal on Monday at a ceremony in Manisa province, where the factory will be built.

"This new plant can provide BYD with easier access to the European Union," the report said.

Previously, Turkey decided to impose an additional 40 percent tariff on imported cars from China, plus an additional rate that will be applied on July 7. The increase in tariffs aims to increase the domestically produced share of the vehicle market, and reduce the transaction deficit.

"Currently, Turkey is loosening the import rate of Chinese cars to encourage investment," the report reads.

As is known, BYD continues to spread its wings to various parts of the world by building factories. Most recently, the brand, which is also present in Indonesia, has finished building a factory in Thailand.

Meanwhile, in Indonesia this company will build a factory in the Subang area, West Java. Currently, the land for the factory is already available. The BYD electric vehicle production facility will be built in the Phase 2 Subang Smartpolitan area, precisely in the northern part of the area with a land area of 108 hectares.