Following Chinese BYD’s $1B investment, Türkiye eyes deal with another carmaker

Minister of Industry and Technology Mehmet Fatih Kacir announced the potential for another major investment in Türkiye, following the recent commitment from China’s BYD, one of the world’s largest electric vehicle manufacturers.

“In the coming period, we hope to announce similar investment news not only in this sector but also in others. It would not be a surprise,” Kacir stated.

Minister Kacir revealed details of BYD’s investment and his meeting with Renault Group Global CEO Luca de Meo. He highlighted Renault’s significant role as an investor in Türkiye, emphasizing the company’s accelerated investments in hybrid vehicle production.

Kacir revealed that Renault has outlined a production plan for next-generation cars and models, signaling a robust strategy to manufacture advanced vehicles in Türkiye.

‘Win-win’ and green transformation

Underscoring a win-win strategy, he said that in the coming weeks, there will be more comprehensive details about BYD’s investment incentives.

“Key elements include facilities for investment locations, as well as support related to employment and tax applications. Our goal is to accelerate Türkiye’s development journey and foster mutually beneficial relationships with investors,” he added.

Kacir stressed the intention to boost the production share of electric, plug-in hybrid, and other hybrid vehicles in Türkiye. “We aim to gradually reduce the production and market share of internal combustion vehicles. Our objective is to accelerate this green transformation, activating all its components,” he said.

‘Investments in Türkiye will grow’

He highlighted the importance of attracting large-scale investments to Türkiye, noting that economies of scale are critical for global brands, especially in enhancing local value addition in certain industrial sectors.

Minister Kacir assured that investments in Türkiye would continue to grow. “BYD’s investment is projected to be around $1 billion. The investment amounts from other brands may vary, but the key point is the rapid increase in investments that will create economies of scale, competitive strength, and export potential in Türkiye.”

Emphasizing the importance Türkiye attaches to this topic Kacir added, “Türkiye will grow by exporting technological products to the world. We place great importance on these investments from this perspective.”