Chinese electric vehicle manufacturer BYD Co Ltd agreed with the Turkish government to build a $1-billion production plant in Turkey with an annual capacity of 150,000 vehicles, state-run Anadolu news agency said on Monday.
BYD (BYDDY) agrees to buy a 20% stake in Rever to consolidate its presence in the Southeast Asia auto market and to enhance its competitiveness in Thailand's auto industry.
Chinese electric vehicle manufacturer BYD has signed an agreement to build a factory for core parts of new energy vehicles with total investment of 6.5 billion yuan ($894.2 million), state-backed Securities Times said on Monday.
China's BYD , will acquire a 20% stake in its local distributor Rever Automotive in Thailand, its largest market outside of China where it is an electric vehicle market leader, the companies said Saturday.
Thailand's consumer protection agency has received about 70 complaints since initiating a probe into aggressive discounting by BYD , dealers that has left some buyers feeling they overpaid for their Chinese electric vehicles.
BYD, China's largest electric vehicle maker, opened its first plant in Thailand on Thursday, accelerating global expansion by the Warren Buffett-backed manufacturer amid policy pushback in the U.S. and European markets.
China's BYD opened its first electric vehicle plant in Thailand on Thursday, the auto maker's first in Southeast Asia.
BYD achieves a new quarterly deliveries record in Q2. BYD's battery EV deliveries could surpass Tesla's performance in 2024. BYD has benefited from the shift in growth momentum to plug-in hybrids, expanding its market opportunity.
A new report on Tuesday said that Chinese EV giant BYD was set to beat Tesla in battery EV sales in 2024. "This shift underscores the dynamic nature of the global EV market," said Counterpoint Research analysts.
Ayvens , the car leasing unit of French bank Societe Generale , and Chinese electric vehicles company BYD announced on Tuesday a partnership for the European market.
China's BYD posted a 21% rise in second-quarter electric vehicle sales, closing the gap with Tesla after handing back the world's top EV vendor title to the U.S. rival in the first quarter.
The Chinese EV maker reported June sales numbers that were up 35% year over year. Its rival Tesla is due to post figures on Tuesday.