ISTANBUL — Chinese electric-vehicle maker BYD will invest $1 billion in Turkey to set up an EV and plug-in hybrid vehicle factory with an annual capacity of 150,000 units, creating a second European production and export hub after the one it is building in Hungary.
BYD Chairman Wang Chuanfu and Turkish Industry and Technology Minister Mehmet Fatih Kacir signed an investment deal here on Monday. Turkish President Recep Tayyip Erdogan attended before leaving for the NATO summit, which begins in Washington on Tuesday.