Tesla's Top Rival BYD Clinches $1B EV Manufacturing Plant Agreement With Turkey
Portfolio Pulse from Shivani Kumaresan
BYD Company (OTC:BYDDY) is set to sign a $1 billion agreement with Turkey to build an EV manufacturing plant, enhancing its access to the EU market. The plant will be located in Manisa province and will serve both the EU and domestic markets. Turkey has reduced tariffs on Chinese motor vehicle imports to stimulate investment.
July 05, 2024 | 4:10 pm
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BYD Company (OTC:BYDDY) is set to sign a $1 billion agreement with Turkey to build an EV manufacturing plant, enhancing its access to the EU market. The plant will be located in Manisa province and will serve both the EU and domestic markets. Turkey has reduced tariffs on Chinese motor vehicle imports to stimulate investment.
The new manufacturing plant in Turkey will significantly enhance BYD's access to the EU market, which has recently increased tariffs on Chinese EV imports. This strategic move will likely boost BYD's sales and market presence in both the EU and Turkey. The reduction in tariffs on Chinese motor vehicle imports by Turkey further supports this positive outlook.
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