Posted on 08 Nov 2023
China’s EV giant BYD is reportedly planning to establish its first European car plant in Hungary, with an official announcement set to come by year-end, Kallanish notes.
Citing sources close to the company, German newspaper Frankfurter Allgemeine Sonntagszeitung (FAS) said that the decision “had already been made internally.”
The speculation follows a visit by Hungarian Prime Minister Viktor Orban to the company’s headquarters in Shenzhen, China last month, when he met the BYD boss.
“At BYD’s headquarters in Pingshan District, Orban met with BYD founder and chairman Wang Chuanfu and got a firsthand glimpse into the company’s latest products and technologies,” the Shenzen’s government confirmed in a statement. “On the same day, two select BYD dealers officially opened doors in Hungary’s capital Budapest.”
Hungary is already home to BYD’s first European ebus factory, inaugurated in 2017 in Komárom. In mid-October, the auto manufacturer made its debut in the Hungarian passenger car market, its first foray into Central Eastern Europe. It launched three of its models in the country: BYD Seal, BYD ATTO 3, and BYD Dolphin, available at two Budapest retailers.
While BYD is yet to release any official statements on its European car plant, reports suggest the company will announce a decision before the end of the year. Kallanish is awaiting a response from the company.
BYD sold 301,095 passenger EVs last month, of which 30,521 units to international markets. The carmaker is on track to reach its target of 3 million EV sales this year, which includes both battery electric and hybrid models. US BEV leading company Tesla is targeting sales of around 1.8m units this year.
Source:Kallanish
