Foreign carmaker may announce investment this month: Minister

ISTANBUL

There could be some development within this month regarding the investment by a foreign carmaker in Türkiye, Industry and Technology Minister Mehmet Fatih Kacır has stated.

Kacır did not provide other details on the potential investment.

In February, the minister unveiled that talks were ongoing with the Chinese carmaker Chery regarding establishing a manufacturing facility in the Black Sea province of Samsun.

Kacır attended the general assembly meeting of the Automotive Manufacturers’ Association (OSD) and delivered a speech.

Responding to a question about whether a foreign automotive company would invest in Türkiye, Kacır stated that “this process is nearing completion and there could be developments within this month.”

The current investor interest proves that Türkiye is a hub for international mobility investments, the minister said.

Kacır recalled that Chinese BYD, the world's largest electric vehicle manufacturer, will build a production facility in the province Manisa with an annual capacity of 150,000 electric and plug-in hybrid vehicles, as well as an R&D center for mobility technologies.

“We are also in the final stage of bringing new automotive manufacturing investments to our country,” he added.

In the first two months of 2025, the share of hybrid vehicles increased from 14.8 percent to 28.7 percent, while the share of electric vehicles rose from 6.7 percent to 12.7 percent in Türkiye's automobile market, Kacır also said.

The share of electric and plug-in hybrid vehicles, currently at 17 percent, is expected to exceed 35 percent by 2030 and potentially reach 40 percent or even 50 percent, he added.