Chinese electric car maker BYD has signed an agreement to build a $1 billion plant in Turkey. The plant will be designed to produce 150,000 electric and hybrid vehicles per year, improving "logistical efficiency" to meet the demand of European customers.

Despite not being a member of the EU, Turkey has a trade agreement with the bloc. Last week, the EU imposed additional tariffs of 17.4% on electric cars imported from China, adding to the already existing 10% rate.

Production at the new plant is expected to start by the end of 2026.

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