China's BYD Co (HKG:1211, LSE:0HKY, OTCQX:BYDDY) has agreed to a $1 billion deal to build an electric vehicle plant in Turkey, enhancing its European production and supporting overseas expansion.
The plant will produce 150,000 vehicles annually, starting in late 2026, and create approximately 5,000 jobs.
This move aligns with BYD's strategy to tap into the EU market amid increasing tariffs on Chinese imports.
BYD, backed by Warren Buffett, is also establishing a plant in Hungary and considering another in the country.
The Turkish plant will manufacture electric and hybrid vehicles and include a research and development centre.