Turkey Holds ‘Advanced' Talks With BYD, Chery for EV Plants [BNN Bloomberg (Canada)]
GREAT WALL MOTOR CO ADR (GWLLY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
“We would like to complete the talks as soon as possible. We have come a long way with both of them,” Minister of Industry and Technology Fatih Kacir told Bloomberg in an interview in Ankara. Separate negotiations with SAIC Motor Corp., which owns MG, and Great Wall Motor Co. are also underway, he said. BYD, Chery, SAIC and Great Wall Motors didn't respond to requests for comment. The move could give Chinese car manufacturers easier access to the European Union, with which Turkey has a customs union agreement. Turkey is a major market on its own right, too, with EVs making up 7.5% of all car sales in 2023. The national energy market regulator expects the number of EVs in the country to increase by about 180,000 by 2025. Researcher BMI predicts that EVs' share of Turkey's domestic car sales will reach 30.4% in 2032. BYD Europe Managing Director Michael Shu said last week that he saw room for a second European plant in 2025, in addition to one already under construction in Hung
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