July 8, local time BYD and the Turkish government signed an agreement to invest and build a factory in Turkey, with Turkish President Recep Tayyip Erdogan and BYD Chairman Wang Chuanfu attending the signing ceremony. Turkish Minister of Industry and Technology Mehmet Cahill said: BYD will invest 1 billion U.S. dollars (about 7.273 billion yuan) to establish a production plant with an annual capacity of 150,000 vehicles as well as a research and development center in Turkey, which is scheduled to be put into production by the end of 2026 and will employ 5,000 people. According to reports, the automotive industry is the leading industry in Turkey, the amount of Turkish car exports in 2023, more than 35 billion U.S. dollars (about 254.5 billion yuan).