{"id":38138,"date":"2024-07-09T03:27:02","date_gmt":"2024-07-09T03:27:02","guid":{"rendered":"https:\/\/kede.com.br\/news\/chinese-tesla-rival-byd-agrees-1bn-turkey-ev-plant-deal\/"},"modified":"2024-07-09T03:27:04","modified_gmt":"2024-07-09T03:27:04","slug":"chinese-tesla-rival-byd-agrees-1bn-turkey-ev-plant-deal","status":"publish","type":"post","link":"https:\/\/kede.com.br\/news\/chinese-tesla-rival-byd-agrees-1bn-turkey-ev-plant-deal\/","title":{"rendered":"Chinese Tesla rival BYD agrees $1bn Turkey EV plant deal"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div data-component=\"text-block\">\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">China&#8217;s biggest electric car maker BYD has agreed a $1bn (\u00a3780m) deal to build a manufacturing plant in Turkey, as it continues to expand outside its home country.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">The new plant will be capable of making up to 150,000 vehicles a year, according to Turkish state news agency Anadolu.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">The facility is expected to start production by the end of 2026 and create around 5,000 jobs.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">The deal was signed at an event in Istanbul attended by BYD&#8217;s chief executive Wang Chuanfu and President Recep Tayyip Erdogan.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">BYD did not immediately respond to a BBC request for further details on the deal.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">The announcement comes as Chinese EV makers face increasing pressure in the European Union and the US.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">Last week, <!-- --><a target=\"_self\" href=\"https:\/\/www.bbc.com\/news\/articles\/cy99z53qypko\" class=\"sc-c9299ecf-0 bZUiKB\" rel=\"noopener\">the EU took action to protect the bloc&#8217;s motor industry<!-- --><\/a> by raising tariffs on Chinese EVs.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">The decision saw BYD hit with an extra tariff of 17.4% on the vehicles it ships from China to the EU, which was on top of a 10% import duty.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">Turkey is part of the EU\u2019s Customs Union, which means vehicles made in the country and exported to the bloc can avoid the additional tariff.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">The Turkish government has also taken action to support the country&#8217;s car makers by putting an extra 40% tariff on imports of Chinese vehicles.<!-- --><\/p>\n<\/div>\n<div data-component=\"text-block\">\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">In May, <!-- --><a target=\"_self\" href=\"https:\/\/www.bbc.com\/news\/business-69004520\" class=\"sc-c9299ecf-0 bZUiKB\" rel=\"noopener\">US President Joe Biden ramped up tariffs on Chinese-made electric cars<!-- --><\/a>, solar panels, steel and other goods.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">The White House said the measures, which include a 100% border tax on electric cars from China, were a response to unfair policies and intended to protect US jobs.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">BYD, which is backed by veteran US investor Warren Buffett, is the world\u2019s second-largest EV company after Elon Musk&#8217;s Tesla.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">The company has been rapidly expanding its production facilities outside China.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">At the end of last year, BYD announced that it would build a manufacturing plant in EU member state Hungary.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">It will be the firm&#8217;s first passenger car factory in Europe and is expected to create thousands of jobs.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">On Thursday, BYD opened an EV plant in Thailand &#8211; its first factory in South East Asia.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">BYD said the plant will have an annual capacity of 150,000 vehicles and is projected to generate 10,000 jobs.<!-- --><\/p>\n<p class=\"sc-eb7bd5f6-0 fYAfXe\">The company has also said it is planning to build a manufacturing plant in Mexico.<!-- --><\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.bbc.com\/news\/articles\/cp08d1nq1y3o\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>China&#8217;s biggest electric car maker BYD has agreed a $1bn (\u00a3780m) deal to build a manufacturing plant in Turkey, as it continues to expand outside its home country. The new plant will be capable of making up to 150,000 vehicles a year, according to Turkish state news agency Anadolu. The facility is expected to start [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":38139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[53],"tags":[4977,1234,13394,458,449,97,3778,3890,1825],"_links":{"self":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/38138"}],"collection":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/comments?post=38138"}],"version-history":[{"count":1,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/38138\/revisions"}],"predecessor-version":[{"id":38140,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/posts\/38138\/revisions\/38140"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/media\/38139"}],"wp:attachment":[{"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/media?parent=38138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/categories?post=38138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kede.com.br\/news\/wp-json\/wp\/v2\/tags?post=38138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}