BYD is building a factory in Europe! Which country did it choose?
BYD, one of China’s fastest growing electric car manufacturers, seems to have made plans for a European factory. According to new reports, BYD is in talks with Hungary to build an electric vehicle and battery factory.
BYD may open its European factory in Hungary
According to reports in the US, BYD and the Hungarian government have reached a potential deal. Accordingly, an electric vehicle and battery factory will be built in the southern city of Szeged. The Chinese manufacturer is said to invest “billions of euros”.
BYD’s decision also means that it will build the first full-fledged car factory in Europe. The new plant in Hungary will allow the company to produce electric vehicles for European customers. On the other hand, other Chinese manufacturers such as Nio and GWM are not investing in Europe.
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BYD aims to dominate the European electric vehicle market by the end of the decade. Although it will compete with European companies, it will also have to take on a giant like Tesla.
Let us remind you that BYD has an electric bus factory in Hungary. It is also building a battery assembly plant in the region north of Budapest. The new factory aims to combine these two productions.
BYD’s electric car factory is also a big win for Hungary. The government invites Chinese companies to invest in the country and estimates that the BYD project will create thousands of jobs.
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