BYD, China’s largest electric car maker, announced on Wednesday that its planned car factory in Hungary will begin production within three years.
BYD will thus become the first Chinese company to produce passenger cars in Europe.
At the same time, the company announced that it had signed a preliminary agreement on the construction of a production plant in Szeged, south-eastern Hungary. The company previously announced the plan to build the factory in December.
BYD already operates in Hungary, including operating an electric bus production plant in the country.
Hungary is expected to become Europe’s second largest producer of car batteries after Germany, as China’s CATL group also plans to open a plant in the country.
Hungarian Prime Minister Viktors Orbans has invited Chinese companies to expand their operations in the country, offering them tax breaks and promising to implement infrastructure projects.
Initially, BYD specialized in the production of batteries, but in 2003 it also started the production of cars, and since then it has become an important producer of electric cars.
Last year, BYD became the first car manufacturer in the world to produce a total of five million electric cars.
In addition, a number of major automotive companies, including Tesla, BMW, Mercedes-Benz and Audi, use batteries manufactured by BYD.
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2024-02-01 07:56:20
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