Chinese automotive giants may soon invest in Europe

Ömer

May 17, 2024

Minister of Industry and Technology Mehmet Fatih Kacır announced that they are in talks with Chinese electric car manufacturers for investment. He stated that important stages have been reached for BYD and Chery to invest in our country. So BYD and Chery, will they come for Turkey? Here is the statement.

BYD and Chery can commission their investments in Turkey

In an interview with Bloomberg, Minister of Industry and Technology Mehmet Fatih Kacır stated that they are negotiating with four different companies for production in Turkey. He stated that the negotiations with BYD and Chery have reached the final stage. Accordingly, he stated that the results could be obtained this summer.

Kacır said, “We hope for that (investment this summer). We have made progress with both of them, but of course they are evaluating all processes. They are evaluating different alternatives together with us.”

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There are many factors that make Turkey an attractive destination for Chinese companies. According to Minister Kacır, one of the biggest factors is Turkey’s membership in the Customs Union. This gives Chinese companies the opportunity to open up to the European market.

Minister Kacır stated that the investment plans of Chinese companies in Western Europe are not an alternative to Turkey. In this context, he underlined that it creates opportunities for both countries. Although Chery has established a production center in Spain, it is also interested in investing in Turkey.

In addition to BYD and Chery, Chinese companies include MG and Great Wall Motor. Minister Kacır also stated that Togg’s battery cooperation with Chinese Farasis could turn into an investment in the future.

“BYD is a company that produces its own batteries. We have already stated that we will offer very privileged opportunities to all electric vehicle manufacturers we meet with if they bring their battery investments to Turkey,” he said.