Hong Kong CNN —
China’s BYD, which vies with Tesla for the title of the world’s top maker of battery electric vehicles, has agreed to build a $1 billion car factory in Turkey, the Turkish government has announced.
BYD’s CEO Wang Chuanfu and Turkey’s Industry and Technology Minister Mehmet Fatih Kaci signed the agreement in Istanbul, according to a statement from the Turkish ministry Monday. Turkish President Recep Tayyip Erdogan attended the signing ceremony, it said.
“We aim to meet the growing demand for new-energy vehicles in the region and reach consumers in Europe,” the statement cited
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