Chinese auto manufacturer Chery seeks $1B investment in Türkiye following BYD’s move
The photo shows the Chery logo mounted on the grille of a car. (AFP Photo)
Türkiye’s negotiations with Chinese automotive manufacturer Chery are nearing conclusion on a $1 billion agreement, according to Turkish news reports.
Project Director of the Republic of Türkiye Investment Office, Kaan Masatci, stated that negotiations for a $1 billion investment with a Chinese automotive manufacturer are close to being finalized, though he did not name the brand. He made the comments during an interview with the Chinese economy-focused outlet Caixin at the 2nd China International Supply Chain Expo (CISCE) in Beijing on November 29.
According to information obtained by the Turkish newspaper Hurriyet, from anonymous industry representatives, Masatci’s remarks hinted at Chery. This follows a statement by Chery International President Zhang Guibing, who in October included Türkiye among potential investment destinations, alongside Spain and other European countries.
The Turkish Minister of Industry and Technology, Mehmet Fatih Kacir, announced that negotiations with Chery have reached the “final stages.” This statement comes after Guibing’s visit with Turkish President Recep Tayyip Erdogan in Istanbul on September 28.
‘BYD’s Manisa factory to begin construction in 2025’
Masatci also dismissed rumors regarding the suspension of BYD’s factory investment, emphasizing that the Chinese automotive giant has secured significant incentives to establish both a factory and an R&D center in Türkiye. “Just 10 days ago, I visited the allocated site with BYD representatives. The land is nearly ready, and construction could begin as early as the start of 2025. All engineering permits have been approved,” he stated.
Providing further details, Masatci revealed that BYD’s $1 billion investment will be located in the Yunus Emre district of Manisa, where preparations are nearly complete. “We expect construction to commence early next year. Both Chinese and Turkish workers will collaborate on the factory,” he noted.
Masatci also highlighted that the project is proceeding as planned and pointed to BYD’s operational presence in Türkiye. “BYD has a dedicated team in Türkiye, with one office in Istanbul and another near the factory site in Manisa,” he added.
