Chinese automaker BYD (OTC:BYDDY) (OTC:BYDDF), backed by Warren Buffett's Berkshire Hathaway, has announced plans to invest $1 billion in the construction of an electric vehicle (EV) plant in Turkey.
What Happened: The investment contract was signed with the Turkish government on July 8, in the presence of Turkish President Recep Tayyip Erdogan, reported CnEVPost.
The new facility, with an annual production capacity of 150,000 vehicles, is slated to begin operations by the end of 2026.
Alongside the EV plant, BYD also aims to set up a research and development center in Turkey. This strategic move is seen as an expansion into the European market, considering Turkey’s position as Europe’s third-largest automobile exporter and its free trade agreements with 23 European ...