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BYD's Global Expansion Signals Threat to Western Carmakers
2024-07-09 00:03:47
Automotive
Business

BYD's Global Expansion Signals Threat to Western Carmakers

Image courtesy of : AFP (LILLIAN SUWANRUMPHA)

Chinese electric vehicle giant BYD is making bold moves with a $1 billion investment to open an EV factory in Turkey, positioning itself to compete with European and U.S. carmakers. By avoiding steep tariffs in Turkey and establishing a significant production capacity in Europe, BYD aims to strengthen its presence in the region.

These strategic decisions come amidst escalating trade tensions between China and the West, with accusations of unfair subsidies to the Chinese EV industry. Additionally, BYD's recent stake acquisition in Thailand and the establishment of a local factory reflect its broader strategy to target markets in Southeast Asia, the Middle East, and Africa for growth opportunities while navigating trade challenges in the US and EU.

The press radar on this topic:

Global Economy - South China Morning Post
8. Juli 2024 um 10:30

Chinese EV maker BYD buys stake in Thailand distributor after opening local factory | South China Morning Post

Economy
Finance
Politics
BYD, the world's largest electric vehicle (EV) maker, has agreed to buy a 20% stake in its Thailand distributor Rever Automotive as it ramps up efforts to tap the Southeast Asian market. The move comes after BYD opened its first Thailand-based factory, which has an annual capacity of 150,000 units and employs 10,000 workers. BYD is facing higher tariffs in the US and EU, so it is targeting Southeast Asia, the Middle East, and Africa for growth opportunities.
n-tv.de
8. Juli 2024 um 15:01

Erdogan to Announce Deal: BYD Plans Factory in Turkey - Loophole for Tariffs? - n-tv.de

Economy
Politics
Technology
The Chinese electric vehicle manufacturer BYD is apparently planning to build a factory in Turkey. The Turkish President Erdogan is supposed to publicly announce the deal. With the factory in Turkey, BYD could mitigate any potential tariff consequences for the European market, as cars from Turkey enjoy improved access to the EU market within the framework of a customs union.
Webrazzi
8. Juli 2024 um 14:40

BYD and the Ministry of Industry and Technology signed a $1 billion investment agreement

Economy
Environment
Technology
The China-based electric vehicle manufacturer BYD and the Ministry of Industry and Technology have signed an investment agreement of approximately $1 billion. Under the agreement, BYD will establish an electric and plug-in hybrid vehicle production facility with a capacity of 150,000 vehicles in Turkey. Additionally, it is planned for BYD to establish an R&D center for sustainable mobility technologies.
Yahoo Finance
8. Juli 2024 um 21:09

BYD Stock: China EV Giant Fires Warning Shot To Western Rivals With This Move| Investor's Business Daily

Politics
Economy
Technology
Finance
BYD, the Chinese electric vehicle giant, has signed a deal to open a $1 billion EV factory in Turkey, underscoring the threat to European and U.S. carmakers from low-cost Chinese rivals. The new factory, with an annual capacity of 150,000 electric cars, will allow BYD to avoid 40% tariffs in Turkey and boost its presence in Europe, where it began selling EVs in 2021. The move comes amid rising trade tensions between China and the West, which accuses China of unfairly subsidizing its EV industry.
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