China’s BYD signs an investment agreement with Turkey

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The Chinese company BYD, the largest manufacturer of electric cars in the world, signed an investment agreement with the Turkish Ministry of Industry and Technology.

The signing ceremony of the agreement took place at Dolmabahce Palace in Istanbul on Monday, in the presence of Turkish President Recep Tayyip Erdogan.

The agreement was signed on the Turkish side by Minister of Industry and Technology Mehmet Fatih kacir and on the Chinese side by Wang Chuanfu, Chairman of the Board of Directors of BYD.

According to a statement by the Turkish Ministry of Industry and Technology, BYD plans to invest approximately one billion dollars to establish a factory with a production capacity of 150,000 cars annually and a research and development center.

The ministry indicated that the factory will provide 5,000 jobs and is scheduled to begin production at the end of 2026.