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Chinese-Turkish Cooperation in Electric Vehicle Manufacturing | Major Deals on the Horizon

Posted by Cayan on May 26, 2024

Chinese-Turkish Cooperation in Electric Vehicle Manufacturing | Major Deals on the Horizon


Expected Investments

Turkey is expected to receive significant investments from giant Chinese electric vehicle manufacturers such as BYD and Chery, according to a Bloomberg report.


Progress in Talks

The Turkish Minister of Industry and Technology expressed optimism about the talks, noting substantial progress and aiming to conclude them as soon as possible.


Importance of Investment

These investments are of strategic importance to both sides, as they are expected to facilitate access to European markets and enhance trade relations.


Impact of Trade Agreements

The investment in Turkey is expected to contribute to strengthening trade relations with the European Union, according to trade agreements in place.


Strategic Expansion

The potential step to build electric car factories in Turkey is part of larger expansion plans for Chinese companies in the European market.


Future Expectations

The percentage of electric vehicles in the Turkish market is expected to rise, making this investment more attractive to Chinese companies and international investors.


Export Capabilities and Economic Benefits


Turkey’s Role as an Export Hub

Data from the agency indicates that Turkey’s advanced automotive industry, and its role as the largest vehicle exporter to Europe, make it a significant base for exports to the European Union, amounting to $35.7 billion in 2023.


Investment Opportunities for Chinese Companies

The Turkish Minister of Industry and Technology, Kajer, pointed out additional benefits that Chinese companies could gain, such as “unique opportunities for battery investments,” which analysts consider a significant factor in the development of the electric vehicle sector in Turkey.


Enhancing Turkey’s Global Role in Automotive Industry

These investments are expected to enhance Turkey’s role in the global automotive sector, as well as support the growth of TOGG, the first Turkish local company to manufacture electric vehicles in the country.


Battery Factory Construction Project

TOGG, in collaboration with the Chinese company Farasis Energy, is working on building a battery factory in the Turkish city of Bursa, a joint project aimed at developing technology and enhancing Turkey’s capabilities in electric vehicle manufacturing.


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