BYD Builds New Energy Production Base in Hungary
China’s leading new energy car manufacturer, BYD, has announced plans to build Europe’s first new energy vehicle production plant in Hungary. After 224 rounds of negotiations, the decision to build the plant in Hungary was finalized, marking a significant overseas expansion for the company.
The new factory will be located in Szeged, Hungary and will be built in phases, creating thousands of local jobs. The plant is expected to cover an area of 300 hectares, and the Hungarian government is set to provide financial incentives for the project.
Hungarian Foreign Minister Péter Szijjártó hailed the decision as “one of the largest investment projects in Hungarian history,” predicting that it will further strengthen Hungary’s economic position and consolidate the foundation for long-term economic growth.
BYD’s expansion into Hungary comes at a time when the country is also working to establish itself as a global lithium battery producer in the electric vehicle industry. Companies such as South Korea’s Samsung and China’s CATL have previously built factories in Hungary, and the country aims to become a key battery supplier for German car manufacturers as they transition to electric vehicles.
BYD’s expansion into Hungary is part of a larger trend of Chinese automakers making a significant impact on the global automotive industry. At this year’s Munich International Motor Show, Chinese car manufacturers showcased a wide range of electric vehicles, signaling a new era of competition between traditional auto giants and emerging electric vehicle companies.
The decision to build the new energy vehicle production plant in Hungary is a testament to the growing influence of Chinese car manufacturers in the global automotive industry, as they continue to expand their presence beyond the domestic market.