Chinese automaker Chery Automobile Co. intends to build an electric car plant in Turkey worth one billion dollars.
The capacity of the Chery plant in Samsun, Turkey, will be 200,000 cars a year, the Turkish Ministry of Industry said. Chery also plans to produce auto parts at the plant.
The project includes the creation of a research and development center. Five thousand jobs will be created.
The opening of the Chery plant will expand the presence of Chinese automakers in Turkey, which has a customs agreement with the European Union and is becoming a reference point for exporting their products to Europe. BYD Co. also announced a plan to build a one-billion-dollar facility in Turkey in 2024.
The country itself is a big market, with electric cars accounting for 11% of all new car sales in Turkey in 2024.
Earlier, Hyundai unveiled a new electric crossover in an attempt to regain lost market positions.