BYD Will Build Its First European EV Factory In Hungary

Hungary's foreign minister announced on Friday that BYD, one of the biggest producers of electrical vehicles worldwide, will establish its first European EV production plant there. This is the latest development in Hungary's ambition to establish itself as a major hub for EV manufacturing.

Foreign Minister Péter Szijjártó stated in a statement on his Facebook page that BYD will build the plant close to the southern Hungarian city of Szeged and that it is anticipated to create thousands of jobs in the area.

He declared that the project will be one of the largest investments in Hungarian economic history and that BYD would receive financial incentives from the government to build the plant.
The plant's construction will “further strengthen the position of the Hungarian economy, further strengthen the foundations of long-term economic growth, and further strengthen Hungary’s position in the global electric automotive transition,” Szijjártó said.

BYD, Tesla's main global competitor in EV production, already has an electric bus manufacturing plant in Komarom, a city in northwestern Hungary. However, the planned Szeged factory would be a Chinese automaker's first major consumer EV production facility in Europe.