WHEN BYD, China’s biggest electric carmaker, offered a $1bn investment in the summer of 2024, Turkey rolled out the red carpet. Recep Tayyip Erdogan, the country’s president, attended the signing ceremony. Officials in Manisa, where the company plans to open a new factory, mused about a future “Chinatown” to house BYD workers. Yet a year down the line, despite reports the company would accelerate work on the plant at the expense of one in Hungary, things have not progressed much. The factory is supposed to open next year, but there are no signs of construction save for a few containers and the occasional dump truck.
