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July 9, 2024, 3:17 a.m.
China's BYD agrees $1bn Turkey factory deal
China's BYD agrees $1bn Turkey factory deal
['BYD', 'plant', 'vehicles', 'tariff', 'China']

The electric vehicle giant has been expanding manufacturing capacity outside of its home country.

China's BYD agrees $1bn Turkey factory deal

China's biggest electric-car maker, BYD, has agreed a $1bn deal to set up a manufacturing plant in Turkey, as it continues to expand outside its home country. BYD did not immediately respond to a BBC request for further details on the deal. The announcement comes as Chinese EV makers face increasing pressure in the European Union and the US. Last week, the EU took action to protect the bloc's motor industry by raising tariffs on Chinese EVs. BYD, which is backed by veteran US investor Warren Buffett, is the world's second-largest EV company after Elon Musk's Tesla. At the end of last year, BYD announced that it would build a manufacturing plant in EU member state Hungary. On Thursday, BYD opened an EV plant in Thailand - its first factory in South East Asia. BYD said the plant will have an annual capacity of 150,000 vehicles and is projected to generate 10,000 jobs.

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