China's BYD

In July, the installation of the EV plant was refrained because of geopolitical tensions

The investment process of BYD in Turkey continues without any hurdle, Turkish industry ministry sources stated. BYD is pouring US$1 billion into the nation, generating 5,000 fresh positions. 

The facility is anticipated to start manufacturing by the year's end, potentially reaching up to 150,000 units annually as BYD broadens its operations beyond China. 

Receiving the green light is one of the big news because China warned its domestic companies about the risk of overseas investments. 

BYD’s Installation of EV Plant in Turkey

Two months ago, BYD signed an agreement to install a new EV plant in Turkey. In July, the ministry asked the automobile manufacturers to refrain from making investments in India and urged them to refrain from allocating resources to Russia and Turkey because of the geopolitical dangers involved.

Moreover, the source stated that talks are going on with other Chinese automobile manufacturers for new investments. 

Domestic automakers such as BYD are seeking overseas markets to maintain expansion and tackle the competitive pricing battle in China's electric vehicle sector.

BYD’s Sales in August

BYD managed to sell a new high number of cars in August, surpassing the previous year's record by a significant margin. Reaching the milestone of over 1 million electric car sales, BYD outpaced both Honda and Nissan in the second quarter, securing its position as the seventh-biggest automobile maker globally.

In July, BYD opened its first plant for EVs in Thailand, anticipating a significant increase in EV sales within the nation over the subsequent years.

About BYD

BYD has been a key player in sectors such as electronics, automotive, renewable energy and rail transit. Concentrated on the areas of energy acquisition, storage, and application, BYD provides thorough zero-emission new energy products.