Chinese electric vehicle manufacturer BYD has secured a $1 billion deal to establish a manufacturing plant in Turkey, marking a significant expansion outside of its home country. The new facility is projected to produce up to 150,000 vehicles annually, creating around 5,000 jobs and set to commence production by the end of 2026. The deal was finalized in Istanbul with the presence of Turkish President Recep Tayyip Erdogan and BYD's chief executive Wang Chuanfu. This move comes as Chinese EV companies face challenges in the EU and US, with the EU recently imposing higher tariffs on Chinese EVs. Turkey, being a part of the EU's Customs Union, provides an advantageous position for BYD to export vehicles to the bloc without additional tariffs. Additionally, the Turkish government has imposed a 40% tariff on imports of Chinese vehicles, further supporting the country's domestic car manufacturers.