The development of BYD’s electric vehicle plant in Turkey is progressing without setbacks, according to Turkish industry officials, despite China’s recent caution to automakers about the risks of investing overseas. Talks with other Chinese automakers are also ongoing.
BYD's Turkey EV Plant Moves Forward
Turkish industry ministry sources stated on Thursday, in response to a question on China's warning to its companies about the risks of investing overseas, that the investment process in Turkey by electric vehicle maker BYD is proceeding without any issues.
According to the anonymous sources, more discussions on investments are currently taking place with other Chinese automakers.
In a Thursday article, Reuters cited two sources familiar with the situation to say that the Chinese Ministry of Commerce had recently cautioned Chinese automakers against investing abroad due to the dangers involved.
China Prefers Investments in Europe and Thailand
Investments in Europe and Thailand were reportedly more welcomed by the ministry, according to one source. With a predicted spike in EV sales in the country over the next few years, BYD built its first plant in Thailand in July.
Electrek reports that local automobile manufacturers such as BYD are trying to export their products in order to maintain their growth and prevail against China's fierce electric vehicle price war.
Chinese EV Makers Turn to Southeast Asia and South America
Chinese manufacturers are shifting their focus to South America, Southeast Asia, and Thailand as a result of increased tariffs on Chinese electric vehicles imported to the US and Europe.
According to reports, BYD is also waiting for the election in the United States to take place in November before announcing its proposed electric vehicle plant in Mexico.
BYD Surpasses One Million EV Sales in Record Month
In spite of the increased competition, BYD was able to sell a record number of vehicles in the month of August, surpassing the one million mark for sales of electric cars way ahead of the previous year.
In the second quarter, BYD overtook Honda and Nissan, moving them up to seventh place among all automakers in the world. When it comes to expanding internationally, BYD is banking on domestic production.