On January 30, 2024, BYD signed a pre-purchase agreement for land for a passenger car factory with the Hungarian city government of Szeged. This marks an important milestone in BYD's European expansion. The event was attended by key figures, including Hungarian Minister of Foreign Affairs and Trade, Péter Szijjártó; Laszlo Botka, Mayor of Szeged. Gong Tao, Chinese Ambassador to Hungary. BYD Chairman and President Wang Chuanfu. This represents an important development for BYD's European factories.
– Advertisement –
During the ceremony, Minister Szijjártó emphasized that this project is one of the largest and most important investments in Hungary's history. He said the construction of BYD's first European NEV passenger car plant in Hungary will not only strengthen the country's economic position, but also solidify the foundations for long-term economic growth and position it in the global electric vehicle transition. He emphasized that it will increase the Hungary's central and regional governments have pledged comprehensive support to facilitate the project's quick operational start-up.
Wang Chuanfu stated BYD's commitment to transfer its advanced technology and highly automated production lines to Hungary and support the local automotive industry's transition to electrification. BYD aims to accelerate the development of products with European local brand characteristics through local production and promote closer commercial exchanges and complementary cooperation with Europe. This initiative is part of a broader effort to drive green and low-carbon transformation of the industry and promote global sustainable development.
– Advertisement –
In December of the previous year, BYD announced plans to establish a production base for new energy passenger vehicles in Szeged, Hungary. It is the first Chinese automobile company to build a passenger car factory in the European Union. The plant, expected to be completed and operational within three years, will focus on producing passenger car models for sale in Europe, creating thousands of local jobs and facilitating Hungary's transition to a green economy.
Hungary is located in the heart of Europe, has a rich history in the development of the automotive industry, and boasts advanced infrastructure and a mature industrial base. As the global automotive industry undergoes transformation, BYD has steadily increased its presence in Hungary. Seven years ago, BYD built Europe's first pure electric bus factory in the country, and now it plans to build a new energy passenger car factory. BYD is working to expand and deepen its localization project in Hungary, aiming to drive the green transformation of the European automotive industry in line with its vision of reducing global temperature by 1°C.
Currently, BYD is planning 14 EV production bases around the world, including nine assembly plants in China. Additionally, BYD has established five EV factories in Uzbekistan, Thailand, Brazil, Hungary, and Indonesia, demonstrating its strategic approach to global expansion and localization in key markets around the world.
– Advertisement –
Source: BYD
