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bianniu reported on september 13 that according to reuters, china's largest electric vehicle manufacturerbydbyd is accelerating plans to open a new factory in turkey. construction of byd's electric vehicle factory in turkey will proceed despite china's recent warnings about the risks of overseas investment.

byd to continue investing in electric car factory in türkiye

byd's plans have not changed since signing a deal to build a new electric vehicle factory in turkey two months ago.

byd will invest $1 billion in the country and create 5,000 new jobs. the plant is expected to start production by the end of 2026, with an annual output of up to 150,000 vehicles, as byd expands outside of china.

byd's investment in türkiye will proceed smoothly, according to a source from the turkish industry ministry on thursday.

the sources were referring to china's recent warnings about the risks of overseas investment. reuters reported earlier today that china's ministry of commerce warned domestic automakers not to put money into overseas factories.

in july this year, the ministry told automakers not to invest in india and strongly advised against pouring resources into russia and turkey to prevent geopolitical risks.

one of the sources said the ministry was more open to investments in europe and thailand. byd opened its first plant in thailand in july and expects electric vehicle sales in the country to surge in the coming years.

domestic automakers such as byd are looking overseas to maintain growth momentum and overcome china's fierce electric vehicle price war. as the united states and europe impose higher tariffs on electric vehicles imported from china, chinese automakers are investing in thailand, southeast asia and south america.

byd is also reportedly waiting for the results of the us election in november to announce its plans to build an electric vehicle factory in mexico. despite the intensifying competition, byd still set a record for vehicle sales in august, with electric vehicle sales exceeding 1 million, far exceeding last year.

in the second quarter, it surpassedhondaandnissanafter 2011, byd became the world's seventh-largest automaker. can it go further? byd hopes local production will help it accelerate its overseas growth.