Amongst others, the President of Turkey Recep Tayyip Erdogan and the pinnacle of the BYD automobile firm, Wang Chuan-fu, participated within the ceremony to signal the settlement. In accordance with Reuters, the settlement might make it simpler for the producer to entry the European Union market, which this month imposed extra tariffs on electrical automobile imports from China. Turkey has a customs union with the EU, Reuters says.
Not too long ago, BYD has been attempting to increase its manufacturing actions overseas. Final week, the automaker opened its first manufacturing facility in Southeast Asia in Thailand. The plant, price 490 million {dollars} (over 11 billion CZK), will produce as much as 150,000 vehicles a 12 months.
On the finish of final 12 months, BYD determined to construct its first European passenger automobile manufacturing facility in Hungary as a part of its international enlargement. The Hungarian plant produces electrical vehicles and hybrid vehicles for the European market.
Final week, the European Fee imposed preliminary extra duties of as much as 37.6 p.c on imports of electrical vehicles from China into the European Union. Within the case of BYD, the extra responsibility is 17.4 p.c. The EU will accumulate extra duties on prime of the present ten p.c responsibility.
Not solely Hungary. Chinese language electrical vehicles may be made in Turkey
Financial
2024-07-09 07:04:55
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