Chinese automaker BYD (BYDDF.PK) is closing in on a deal with Turkey for an electric vehicle plant worth $1 billion, which would mark the company's expansion in the overseas market, according to a report by Bloomberg.
The report states that Turkey's President Recep Tayyip Erdogan would soon announce the deal during a ceremony in Manisa province, where the plant would be located.
The deal would help the Shenzhen-based company to access the European Union market as Turkey has a customs union agreement with the bloc.
Recently, the EU has increased tariffs on cars imported from China, imposing an additional 17.4 percent charge on BYD along with the existing 10 percent rate.
Meanwhile, Turkey has reduced tariffs on Chinese vehicles following discussions between Erdogan and China's President Xi Jinping during a meeting of the Shanghai Cooperation Organization held in Astana, Kazakhstan.
The news comes as the EV maker has inaugurated its first plant in Thailand, and is also reportedly constructing manufacturing facility in Brazil, and potentially Mexico.
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