Turkey expects Chery Automobile Co. to invest $1 billion.

Turkey is expected to attract a significant investment of around $1 billion from the Chinese car manufacturer Chery Automobile Co Ltd, aimed at establishing an electric vehicle factory that will support Ankara's goal of becoming a regional production hub. According to a source who requested anonymity, the Turkish Ministry of Industry and Technology is in talks with Chery to set up a factory near the port city of Samsun, with a production capacity of 200,000 vehicles annually.

The source also revealed that Turkey has allocated 1.5 million square meters of land for the project and has been in discussions with Chery over the past year. The facility planned for Samsun is expected to facilitate car exports to both Europe and Central Asia by sea. Additionally, BYD Co., one of the world's largest electric vehicle manufacturers, announced plans last year for a $1 billion factory in the country to avoid EU customs tariffs, leveraging Turkey's customs agreement with the EU despite its non-member status.