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BYD Co. has struck a deal with the Turkish government to build a plant to produce new energy vehicles (NEVs) — electric cars and hybrids, the Financial Times reports. The plant is expected to open in 2026, create 5,000 new jobs and be able to produce up to 150,000 cars a year. They will be sold both in Turkey and abroad, including in Europe.

The European Union introduced temporary import duties on Chinese-made electric vehicles a week ago. The rate varies among manufacturers: BYD received the lowest at 17.4 percent, Geely at 19.9 percent, and SAIC at 37.6 percent. They are added to the existing 10 percent duty, so the final rates are 27.4, 29.9, and 47.6 percent, respectively.

Europe is due to set final tariffs for a period of five years in four months.

Turkey itself is also fencing itself off from cars imported from China. A month ago, the government announced that it would charge 40 percent of the car’s price, but no less than seven thousand US dollars (625 thousand rubles).

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At the same time, Turkey is a member of the EU Customs Union, which means that cars from there can be exported to Europe without additional duties.

BYD, looking for ways to avoid unnecessary expenses, is also building a plant in Hungary. The plant in the city of Szeged will start operating in 2025. According to insiders, it will be huge: the cost will be five billion euros.

New Chinese Electric Cars

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