The investment agreement signed with Chinese electric vehicle maker BYD, including the conditions stipulated in the agreement and the company’s obligations and guarantees submitted to the state, remains valid, Türkiye's Industry and Technology Ministry said Wednesday.
BYD had previously in 2024 announced plans to establish a production facility in Türkiye with an annual capacity of 150,000 vehicles. The company said it would invest $1 billion to build a plant that would start production this year.
Still, on Wednesday, BYD Executive Vice President Stella Li told Reuters that the automaker has put a factory it planned to build in Türkiye on hold.
Earlier, as part of the process, land allocation procedures were carried out in Manisa province in western Türkiye after the company made the required payment, and the investment process began.
However, as the planned progress in the investment had not been achieved for some time, the company’s access to incentives was suspended by the Industry and Technology Ministry at the beginning of 2026.
