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BYD plans to build electric cars in Turkey starting from 2026
BYD expands its presence in Europe: In addition to Hungary, the company would then have two assembly plants in Europe. According to the Turkish Ministry of Industry and Technology, both sides signed the agreement on Monday, July 8, 2024, in the presence of President Recep Tayyip Erdogan.
Rapid Planning: The plant is set to be operational starting in 2026!
BYD will therefore invest around 920 million euros in Turkey to establish a production site with around 5,000 jobs. Additionally, a research and development center for mobility technologies will be established. The plant is expected to be operational by the end of 2026. According to BYD, the reasons for choosing the location were the developing technology ecosystem, the strong supplier base, and the skilled workforce, who (still) work at modest wages. Another possible factor is that regulations in Turkey are not as strict as those in the EU. Mehmet Fatih Kacır, Minister of Industry and Technology, proudly commented:
"We are experiencing a historic day for our automotive industry. We have taken the first step towards a massive investment in our country."
The pro-government Turkish newspaper "Yeni Safak" predicts that BYD has been allocated an area in the province of Manisa (north of the port city of Izmir). Volkswagen was reportedly interested in this site a few years ago. It is also logistically well-connected by sea, and Izmir is considered a cosmopolitan metropolis with well-educated workers.
In Turkey, you can avoid special tariffs
The new factory facilitates BYD's access to the EU against the backdrop of looming special tariffs, as Turkey and the EU have been connected by a customs union since 1995. Other automakers also see this as a strategic location advantage. These include Fiat, Ford, Hyundai, Krone, Renault, and Toyota, which have been producing in Turkey for decades. The trailer manufacturer Krone, based in Emsland, primarily serves the regional market and neighboring countries through its Turkey satellite.
According to the plans made by the EU, BYD will have to deal with tariffs of 27.4 percent (10% regular tariff, 17.5% special tariff) on its EV imports from China in the future. This could have accelerated BYD's plans for a second EV factory in Europe. Turkey is enticing with relatively low labor costs and China-friendly policies. An interesting twist: The government in Ankara recently announced that it would retract its plans announced in June 2024 to impose an extra 40 percent tariff on all vehicles from China. The reason: They want to encourage investments (from China) again.
BYD also builds in Southeast Asia and on the American continent
Hungary is set to become operational by the end of 2025, in addition to an EV factory in Thailand for Southeast Asia and a factory in Uzbekistan where two plug-in hybrid models are to be produced. Furthermore, BYD took over a former Ford factory in Brazil and is also looking for a site in Mexico to strengthen its presence in South and Central America and respond regionally. With the Mexican plant, it would also have access to the US market: Together with Canada, these two countries form the NAFTA free trade region, allowing BYD to import its cars built in Mexico to the USA and Canada tariff-free. Models manufactured in China will be subject to a 100% tariff upon import to the USA starting from August 1, 2024, and Canada is also considering tariffs. Inconsistent: The US school bus market in the electric segment has long been dominated by BYD!
What does this mean?
One can spin it any way they want, but fundamentally the development makes sense because: Even in China, cars can only be sold without surcharges if they are built in cooperation with a domestic manufacturer! This fact often gets overlooked in the entire tariff discussion! In this sense, it would be a bit of compensatory justice if Chinese manufacturers also have to set up plants in Europe and North America to be allowed to sell locally. Even if they are not directly forced to become a BYD-Tofas or Geely-Ebro or X-Peng-Audi...
Translated automatically from German.
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