Asia Tech Wire (July 9) -- Chinese electric car maker BYD will invest nearly $1 billion to build a factory and research and development center in Turkey.

BYD signed an agreement with the Turkish Ministry of Industry and Technology on Monday to invest in a factory in the country, and Turkish President Erdogan attended the signing ceremony.

Under the agreement, BYD will invest about $1 billion to build a plant with an annual capacity of 150,000 units and a research and development center.

The plant, which is due to go into operation by the end of 2026, will provide jobs for up to 5,000 workers.