A 40 percent import duty on BYD's Turkish plant was removed

Earlier, Turkey had announced a 40 percent tariff on all vehicles from China, a move that undoubtedly increased tensions between the two countries in the field of auto trade. In July, BYD decided to invest $1 billion to build a plant in Turkey. In exchange, Turkey has also temporarily revised its tariff policy, and no additional tariffs will be imposed on car imports within the scope of the investment incentive policy. The decision is aimed at encouraging Chinese car companies to invest in Turkey and improve their presence in Europe. The move is beneficial to both sides, not only promoting economic cooperation between Turkey and China, but also providing new opportunities for the global development of China's automotive industry. As a leading enterprise in China, BYD's investment and construction in Turkey will help promote the development of the local new energy vehicle industry, upgrade the technology level, create jobs and promote economic prosperity. At the same time, for consumers, this will hopefully lead to more choice and better service.

Turkey's removal of additional tariffs on Chinese vehicles will also further reduce import costs and improve the competitiveness of products, a decision that will help both sides expand sales in their respective markets. This also reflects the spirit of free trade, helps to strengthen international trade cooperation and exchanges, and has many impacts. First, to promote the development of Chinese car companies in Turkey, the elimination of tariffs will provide more favorable price advantages for Chinese car companies in the Turkish market sales, but also will encourage more Chinese car companies to invest in Turkey to build factories, the completion of the new plant will make BYD easier to enter the EU market, laying a solid foundation for its long-term development in Europe. The EU is one of the world's largest auto markets, with a large consumer base and a well-established sales network, and BYD's entry is expected to bring new growth points for it. Promote the development of the local automobile industry.

The second is to strengthen the economic cooperation between China and Turkey. This decision will not only help improve the tense relationship between China and Turkey in the field of automobile trade, but also inject new vitality into the development of Turkey's automobile industry. With the investment and construction of BYD and other car companies in Turkey, this tariff policy has been softened, creating a more favorable environment for the cooperation between the two sides. Further promoting economic cooperation and exchanges between the two countries will also provide new opportunities and impetus for economic cooperation between the two countries in other fields.

The third is to improve the international competitiveness of China's auto industry, through the investment and construction of factories in overseas markets such as Turkey, the completion of new factories will help improve the capacity and competitiveness of BYD's brand in the European market, and Chinese auto companies will be able to better understand the local market demand and consumer preferences, so as to continuously improve their own technical level and product quality. At the same time, the investment of Chinese auto companies such as BYD will bring new development opportunities and momentum to Turkish auto, and promote the transformation and upgrading of the local auto industry and the development of high quality. Even for Turkey to create a large number of local jobs, promote local economic development and social stability, further consolidate its leading position in the global field of electric vehicles, and enhance international competitiveness.

The cancellation of the preferential policy for BYD to set up a Turkish factory and obtain 40% import tariff is one of the important achievements of the economic cooperation between China and Turkey. This event will not only help to enhance BYD's competitiveness in the global market, but also inject new vitality into the development of Turkey's automotive industry, promote the diversification and prosperity of Turkey's economy, and promote the development of the global new energy vehicle industry and the process of international trade liberalization. In the future, with the continuous deepening and development of cooperation between the two sides, it is believed that more car companies will choose to invest and build factories in Turkey and enjoy similar preferential policies.