Turkey will launch a five-billion-dollar package of measures to boost annual production of electric vehicles (EVs) to one million units, President Recep Tayyip Erdogan announced, adding that Ankara will also present other stimulus packages for the high-tech sector tech, worth a total of 30 billion dollars, Reuters reports.

In a speech in Istanbul, Erdogan said Turkey had opened the way for EV makers to invest in the country after Chinese car company BYD announced this month it would build a factory in Turkey with a production capacity of 150,000 electric and hybrid vehicles per year, a Mobility, Research and Development (R&D) Center, the total value of the investment being one billion dollars. Production should start at the end of 2026, and 5,000 direct jobs will be created in Turkey, according to Agerpres.

In the long term, Ankara wants to be a major player in the EV segment.

“We are implementing subsidies of five billion dollars in this area to increase our annual production capacity to at least one million units,” said the Turkish president.

The government plans to adopt another five billion dollar investment package to build a semiconductor manufacturing facility.

“With our investments in batteries, we want to become a regional production base by building 80 gigawatt hours of capacity by 2030,” Erdogan added.

It announced that Turkey will provide $2.5 billion in grants to support solar cell manufacturing facilities with a capacity of up to 15 gigawatts, and the government will allocate an additional $1.7 billion to produce key components for wind power. .

With the help of these subsidies, Turkey wants to attract private sector investments of at least 20 billion dollars, with details to be announced soon, Erdogan informed.