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BYD, the world leader in electric cars, has confirmed that it will build its first European factory: it will be the production center in Szeged, southern Hungary. It is the first time that one of the Chinese electric vehicle manufacturers officially confirms its intention to produce in the European Union, demonstrating that China intends to challenge the European automotive industry in the future.
It will sit alongside BYD’s other bus factory
No timetable has yet been confirmed, but the Szeged plant is likely to come online in the second half of the decade, just as the Chinese Build Your Dreams brand focuses its volume aspirations on a global level. It should be noted that the new structure will be located alongside a BYD bus factory which has already been operating on Hungarian territory for some time.
BYD aims to become number 1 in Europe
BYD’s European CEO Michael Shu said in early 2023 that it aimed to become Europe’s largest electric vehicle maker by 2030. BYD has now announced it will build the factory in phases. It is expected that it could create thousands of jobs at a local level, relaunching the economy and using a large part of the components at a local level.
Two European brands have their own site in Hungary
BYD will also use its expertise in integrated vertical supply chains to help create the greenest ecosystem possible. Finally, the choice made for the territory of Hungary is based on the country’s position in the heart of Europe as well as on its long history of advanced local production. Two other European car brands, Audi and Mercedes, have in fact started a their production site.
There are already 230 BYD resellers in Europe
Byd in Europe is already a growing brand today as it can count on 230 retailers in 19 European countries who offer five models on the market. Three of these Atto 3, Seal and Dolphin are already available in Italy while other EU countries can purchase Han and Tang. Three more BYD models are expected to arrive during 2024. It is unclear which models will be produced at the factory.