China’s BYD expected to shake Türkiye’s automotive market with new prices

Chinese electric vehicle manufacturer BYD, aiming for rapid entry into the Turkish automotive market, has revealed launch prices for its initial models, set to debut in Istanbul.

Competitive pricing expected to shake Turkish market

Analysts at the launch noted that BYD’s introductory prices are “well below” the current automotive market in Türkiye. They expect strong sales at these prices and predict a significant impact on the Turkish automotive market.

BYD, expected to debut in the Turkish automotive market with six initial models, plans to make substantial investments in Türkiye and establish local production. General Manager of BYD Türkiye, Ismail Ergun, speaking about BYD’s investment plans, announced that the company will launch six new electric vehicle models in the Turkish market this November.

Ergun emphasized BYD’s high ambitions for its initial entry into Türkiye, stating, “Electric vehicles could capture a 9% share of the passenger car market by the end of this year.”

BYD’s initial models and pricing

BYD has reiterated its ambition to become one of the top three brands in Türkiye. Ismail Ergun stated, “We aim to be among the top three brands in the Turkish market within the next three years.” He also noted that the company’s growth strategy continues to advance rapidly in the electric vehicle segment.

Analysts believe that vehicle prices unveiled by BYD at its Istanbul launch are highly competitive in Türkiye’s electric vehicle market, and they argue that this pricing could help BYD gain strong momentum in the Turkish market.

• BYD Dolphin: ₺1,280,000 ($37,183)
• BYD Atto 3: ₺1,490,000 ($43,283)
• BYD Seal U EV: ₺1,790,000 ($51,998)
• BYD Seal U DM-I: ₺1,850,000 ($53,741)

(Note: Based on November 15, 2024 USD/TRY exchange rates)

As China’s electric vehicle manufacturer BYD’s investment process in Türkiye is continuing smoothly with no issues, Minister of Industry and Technology Mehmet Fatih Kacir also recently underscored the substantial influence of Chinese automaker BYD’s recent investment in Türkiye, positing that this initiative will catalyze additional developments in the automotive sector of the nation.

Kacir disclosed that Türkiye anticipates a $2.5 billion investment from BYD and that the government intends to attract approximately $30 billion in global investments by 2030.

Ismail Ergun announced a revision of BYD’s year-end sales target, stating that the company, originally aiming for 10,000 units, now plans to deliver approximately 6,000 vehicles within the next 35-40 days.

Commenting on the Turkish automotive market, Ismail Ergun stated, “We expect a market close similar to last year.” He noted that electric vehicles are anticipated to play a significant role, especially in the final quarter.

BYD is expected to be present in the Turkish market throughout 2024 with six different models.

Chinese automotive giant BYD’s factory in Türkiye

BYD plans to introduce six initial models to the Turkish market and make substantial investments, including local production. The company has announced a $1 billion investment to establish production facilities in the Manisa Organized Industrial Zone, with completion targeted by 2026.

The project aims to be completed by 2026, potentially positioning BYD as a leading carmaker in Türkiye within three years.

A trade deal signed between BYD and the Turkish Industry and Technology Ministry includes the construction of a facility producing electric and rechargeable hybrid cars, expected to be established at the end of 2026, employing 6,000 people.

This factory aims to enhance BYD’s presence in the European market while also creating local employment opportunities.