BYD suspends $1 billion Manisa factory plan, pivots to Hungarian plant

Chinese EV maker BYD announced a $1 billion investment to build a 150,000‑vehicle‑per‑year factory in Manisa, Turkey, with an expected 5,000 jobs. No ground‑breaking or infrastructure work has begun, and the company now says the project is put on hold with no concrete timetable. BYD’s vice‑president Stella Li told Reuters the priority has shifted to the company’s Szeged plant in Hungary and to finding a second European site. Turkish officials say the investment agreement and guarantees remain in force and that penalties could be applied if the project is not completed. Automotive analysts estimate a potential tax loss for Turkey of roughly $500 million, based on per‑vehicle tax concessions. Local business leaders and residents have expressed disappointment, noting the lost employment and economic benefits, while the Ministry of Industry and Technology monitors compliance with the original deal.