Chinese electric-vehicle manufacturer BYD has scrapped plans for a $1B+ factory in Manisa, Turkey, and will instead build its European industrial hub in Hungary. The decision bypasses EU tariffs that would have applied to Turkish production.
Chinese electric-vehicle giant BYD has cancelled its plan to build a large-scale manufacturing plant in Manisa, Turkey, a project valued at over $1 billion. According to a report cited by the The Zioneer desk, the company will instead locate its European industrial hub in Hungary, moving the manufacturing center from the Turkish city. Both countries offered the Chinese firm incentives, including cheap land and tax exemptions. However, Hungary's full European Union membership offers BYD tariff-free access to the EU market, bypassing the bloc's new 'Made in Europe' protective regulations. The cancellation is a significant blow to the Turkish economy, following Volkswagen's similar withdrawal from a factory project in Turkey.
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