BYD Auto announced today that it signed a land pre-purchase agreement with the Szeged City Government in Hungary on January 30, for a BYD passenger car factory. Officials stated that this marks a new substantial breakthrough in BYD’s localization process in Europe.
Hungary’s Minister of Foreign Affairs and Trade, Peter Szijjarto, said, “BYD’s decision to build its first European new energy passenger car factory in Hungary is one of the largest and most important investment projects in Hungarian history. The construction of the project will further strengthen Hungary’s economic position, consolidate the foundation for long-term economic growth, and enhance Hungary’s position in the global electric vehicle transformation.”
BYD’s Chairman and President Wang Chuanfu said that through localized production and manufacturing, BYD will accelerate the creation of products with European localized brand attributes in the future. “As the world’s largest new energy vehicle company, BYD is happy to bring our highly advanced technology and highly automated production line to Hungary, helping the local automotive electrification transformation.”
According to the plan, the factory will be built and put into operation within three years, mainly producing passenger car models sold in Europe. Notably, BYD has also become the first Chinese auto company to build a passenger car factory in the EU region.
In December 2023, BYD already announced that it would build a new energy vehicle production base in Szeged, which would be built in phases and is expected to create thousands of jobs locally. Prior to this, BYD already had a bus factory in Hungary.
BYD had already officially entered the Hungarian passenger car market in the beginning of 2023.