According to the Financial Times, BYD plans to build a new factory in Szeged, southern Hungary, to produce electric vehicles and batteries.
BYD is in final talks with Hungary** to secure a multi-billion euro investment in a new electric vehicle plant.
BYD's plant will be the first major car factory for a Chinese car brand in Europe, while NIO and Great Wall Motors are also targeting Hungary, the report said.
BYD already has a bus plant in Hungary, but the company wants to build a full-fledged car factory to meet its ambition to dominate Europe's electric vehicle industry over the next 10 years.
BYD's all-electric bus plant in Hungary is the company's first in Europe. In June 2021, it delivered its first all-electric bus to Hungary's largest public transport operator.
Hungarian Foreign Minister Peter visited BYD's headquarters in Shenzhen in June.
Subsequently, BYD began recruiting in Hungary in July for positions such as director of affairs and equipment engineer, the latter of whom needs to be able to be responsible for the equipment maintenance of the factory's production line.
According to the Financial Times, BYD Europe CEO Michael has said that BYD wants to become the largest seller of electric vehicles in Europe and wants to account for one-tenth of the European electric vehicle sales by 2030.
Hungary is home to many Chinese car and battery factories, including the world's largest battery manufacturer, CATL.
Many Chinese car companies are willing to build factories in Hungary to open the door to the European market, because Hungary is one of the important members of China's "One Belt, One Road" initiative.
BYD sold 301903 new energy vehicles in November, including 30,629 overseas sales.
It is known that in March this year, BYD began to build an automobile factory in Thailand;In May, BYD broke ground on its Uzbekistan plantIn July, BYD said it would build a large manufacturing base complex consisting of three factories in Brazil.