Date: November 6, 2023. — According to the German newspaper Frankfurter Allgemeine Sonntagszeitung (FAS), the Chinese electric vehicle (EV) manufacturer BYD plans to build its first European automotive factory in Hungary.
Earlier BYD had inaugurated a battery assembly plant near the capital Budapest in July 2023. The company has invested around 27 million euros in the battery plant, which has a production capacity of 1.5 GWh per year. The Hungarian government too, has provided financial assistance.
On a visit to the company’s headquarters in Shenzhen last month, Hungarian Prime Minister Viktor Orban, expressed his desire for Hungary to become a “regional hub” for BYD’s European operations.
BYD stated that it was still seeking for the perfect location for its first European car manufacturing. The company will make an announcement at the end of the year. The corporation did not reveal the specifics of the investment, such as the plant’s size, capacity, or product line. According to FAS, It plans to make 50,000 automobiles in Hungary each year and sell them under its own brand.
The companies move to build a car factory in Hungary comes amid the growing demand for EVs in Europe, which is the world’s second-largest EV market after China. BYD is likely to face competition from other Chinese EV makers, such as Nio, Xpeng and Li Auto, which have also announced their plans to enter the European market.
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