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Turkey is becoming an increasingly attractive destination for foreign investors, as highlighted by the EY Europe Attractiveness Survey report for 2023. The country ranks fourth in Europe in terms of the number of greenfield projects—direct investment involving the creation of new enterprises from scratch—surpassing Poland. The value of investment in Türkiye reached USD 13 billion, three times more than in the previous year.
To circumvent tougher tariff policies of the European Union, China’s electric car manufacturers are looking for alternative ways to gain access to the European market. In particular China’s largest electric car manufacturer, BYD, has made a strategic decision to build factories in Hungary and Turkey.
The new investment would allow BYD to enter EU markets without paying customs duties, which currently amount to 17.4% for the company. BYD plans to export up to 75,000 vehicles per year from Turkey to the EU.
The decision to invest was further promoted by an increase of duties on Chinese electric cars by Turkey to 40% in March this year.
Source: trans.info