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market ","byd-looks-to-turkey-as-gateway-to-europes-ev-market","article/byd-looks-to-turkey-as-gateway-to-europes-ev-market",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":658,"featured":51,"reporter":659,"_editable":663,"component":664,"seo_title":543,"categories":665,"visibility":675,"author_company":49,"featured_image":676,"seo_description":658,"author_full_name":49,"author_job_title":49,"formattedDate":681,"formattedArticleDate":682},"34beb864-185c-456d-92ea-ac590cf6abf6","2024-07-19 00:00",[550,553],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"electric-vehicles","electric vehicles",[557],{"slug":558,"name":559,"content":560},"matthew-bird","Matthew Bird",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Senior Editor - Supply Chains & Data Visualisation",{"filename":563},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":567,"content":568},"doc",[569,576,581,596,601,608,613,618,623,628,633,638,643,648,653],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"BYD’s $1 billion electric vehicle (EV) plant in Turkey could double up as a gateway to ship electric cars to Europe where all battery electric vehicles (BEVs) imported from China have been imposed with additional tariffs.  ","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"Turkey has signed an agreement with BYD to bring online a plant in the country by 2026 with an annual capacity of 150,000 vehicles. The move would help the Chinese EV maker further advance its EV ambitions in Europe, where it is currently building another factory in Hungary.",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584,586,594],{"text":585,"type":575},"BYD’s decision to invest in Turkey follows the ",{"text":587,"type":575,"marks":588},"EU’s decision in June to impose tariffs",[589],{"type":590,"attrs":591},"link",{"href":592,"uuid":49,"anchor":49,"target":49,"linktype":593},"https://source.benchmarkminerals.com/article/europes-anti-subsidy-probe-results-in-almost-50-tariffs-on-chinese-ev-imports","url",{"text":595,"type":575}," of up to 38.1% on imports of BEVs from China in addition to the 10% duties already in place. BYD will face an additional duty of 17.4%. ",{"type":570,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":575},"“The EU tariffs are set at levels which aim to create a level-playing field between Western and Chinese OEMs – as well as drive local investment and lower demand for imports – rather than prevent access to the market. Overall, this development is in line with the EU’s goals, which is positive,” said Luke Gear, principal analyst, at Benchmark.",{"type":602,"attrs":603,"content":605},"heading",{"level":604,"textAlign":49},4,[606],{"text":607,"type":575},"BYD targets Europe for growth",{"type":570,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":575},"BYD has been targeting Europe for growth in recent years and has been opening dealerships in the region where Tesla is a leader. ",{"type":570,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":575},"“For BYD the primary motive for this move is to gain access to the European auto market while avoiding tariffs, and grow sales more rapidly outside of China,” said Gear. ",{"type":570,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":575},"BYD is also scouting for locations to set up an EV plant in Mexico. The EV maker also opened a factory in Thailand earlier this month, its first in Southeast Asia.",{"type":570,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":575},"Further, the US decision in May to impose a four fold increase in duties for China-made EVs to 102.5% has made Europe a more attractive market for BYD as despite the additional duty the market still offers the potential for growth compared to the US.",{"type":602,"attrs":629,"content":630},{"level":604,"textAlign":49},[631],{"text":632,"type":575},"Turkey’s EU pact a big advantage",{"type":570,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":575},"Turkey’s proximity and the country’s pact with the EU will allow BYD to make EVs there and then ship them to Europe without the burden of tariffs. ",{"type":570,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":575},"“Turkey is sending a strong signal that it wants to become a hub for European EV production in the same way that it has become for ICE production, so this could help it attract further investment,” said Gear.",{"type":602,"attrs":644,"content":645},{"level":604,"textAlign":49},[646],{"text":647,"type":575},"Hungary, Turkey plants may not be enough",{"type":570,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":575},"BYD said in December it will build an EV plant in Szeged, Hungary, a country that has been investing billions towards the green energy transition. ",{"type":570,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":575},"“BYD will need more than one facility to meet demand in Europe,” said Gear.","BYD’s $1 billion electric vehicle (EV) plant in Turkey could double up as a gateway to ship electric cars to Europe where all battery electric vehicles (BEVs) imported from China have been imposed with additional tariffs. Turkey has signed an agreement with BYD to bring online a plant in the country by 2026 with an […]",[660],{"slug":558,"name":559,"content":661},{"job_title":561,"image":662,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"34beb864-185c-456d-92ea-ac590cf6abf6\", \"id\": \"\"}-->","article",[666,669,672],{"slug":667,"name":668},"batteries","Batteries",{"slug":670,"name":671},"ev","EV",{"slug":673,"name":674},"geopolitics","Geopolitics","private",{"id":49,"alt":677,"name":677,"focus":677,"title":677,"source":677,"filename":678,"copyright":677,"fieldtype":679,"meta_data":680,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/fcd5c5c660/bm-byd-1.jpg","asset",{"alt":677,"title":677,"source":677,"copyright":677},"Jul 19, 2024","19th July 2024",[],[],1787071421447]