According to Bloomberg, citing senior Turkish officials, BYD will announce a $1 billion investment in Turkey at a ceremony on Monday.

The official said that the (government) negotiations with BYD have been finalized and the company will build its second (European) factory in Turkey after announcing the construction of its first electric vehicle factory in Hungary.

Turkish President Erdogan is expected to announce the deal at a ceremony in Manisa Province on Monday, and the completion of the new factory may make it easier for BYD to enter the European Union.

Turkish Minister of Industry and Technology Mehmet Fatih Kacır told Bloomberg in May that BYD and Chery were in advanced negotiations on investing in Turkey at the time.

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