Türkiye close to 'investment deal with another Chinese carmaker'

ISTANBUL

Türkiye is close to sealing an investment deal with a Chinese carmaker, according to Kaan Masatçı, project manager at the Investment Office.

In July, Chinese BYD, the world’s largest EV producer, signed an agreement with the Turkish Industry and Technology Ministry to build a factory and an R&D center in Türkiye with an investment worth $1 billion.

An agreement with a Chinese carmaker on an investment in Türkiye exceeding $1 billion is about to be reached, Masatçı told a Chinese business magazine Caixin in an interview, without naming the potential investor.

However, sources from the Turkish automotive industry told daily Hürriyet that this company is Chery.

Chery has been holding talks with Turkish officials about establishing a plant in the country.

In October, Chery International President Zhang Guibing hinted at the possibility of establishing a manufacturing base in Türkiye, alongside plans for Spain and Italy, as part of the company’s European expansion strategy.

In September, Zhang Guibing met with President Recep Tayyip Erdoğan and Industry Minister Mehmet Fatih Kacır in Istanbul.

In the interview with Caixin, Masatçı refuted rumors that BYD’s investment has been delayed.

The investment is proceeding as planned, Masatçı said.

“The land [allocated to BYD’s plant] is almost ready. They may start the construction of the plant as the start of 2025,” he said.