Posted on 26 Dec 2023
Chinese battery and electric vehicle manufacturer BYD is set to announce a new investment in Hungary as early as Friday, as talks with local government reach a final stage.
Citing three sources briefed on plans, the Financial Times reported the new factory will be built in Szeged to produce both batteries and EVs. The location hint was based on Prime Minister Viktor Orbán’s comments at a press conference on Thursday saying the southern region, near the city of Szeged, would get an employment boost. “We expect to mobilise hundreds of thousands of potential workers in the Szeged area,” he said.
Last month, German newspaper FAS said the official announcement would come by year-end. The speculation follows a visit by Orbán to BYD’s headquarters in Shenzhen, China, in October.
Hungary is already home to BYD’s first electric bus and truck factory in Europe, inaugurated in Komárom in 2017. The facility also includes a research and development centre with battery testing capability.
In mid-October, the manufacturer made its debut in the Hungarian passenger car market, its first foray into Central Eastern Europe. It launched three EV models in the country: BYD Seal, BYD ATTO 3, and BYD Dolphin, available at two Budapest retailers.
BYD’s European chief executive Michael Shu had earlier said that in addition to Hungary, the company was considering potential sites in France, Germany, Spain and Poland, Kallanish notes.
The company’s fast global expansion, particularly in Europe, is paving the way for the Chinese manufacturer to topple Tesla’s position as the world’s top EV seller.
Source:Kallanish
