Chinese electric car manufacturer BYD has revealed plans to construct a manufacturing plant for new-energy vehicles (NEVs) in Szeged, Hungary, marking a significant step in the company’s European expansion, as confirmed to the Global Times on Friday.
The establishment of this plant is expected to contribute to local economic development by generating thousands of job opportunities within the community. Additionally, BYD emphasizes that the facility will play a vital role in fostering technology exchanges and innovation between China and Hungary.
BYD has been actively involved in Hungary since 2005, with its diverse business portfolio including a bus factory inaugurated in 2017, a battery manufacturing base set up in June 2023, and the launch of its second official retail site in Budapest in October 2023.
Beyond BYD, other entities within the new-energy vehicle industrial chain are also expanding their presence in Europe. Chinese lithium-ion battery giant CATL, in collaboration with Netherlands-based carmaker Stellantis NV, recently announced a non-binding Memorandum of Understanding on November 21. The agreement outlines CATL’s commitment to supply lithium iron phosphate battery cells and modules to power Stellantis’ electric vehicle production in Europe.
SAIC Motors disclosed plans in July of this year to establish a comprehensive vehicle manufacturing plant in Europe, as reported by Securities Daily. Similarly, Changan Auto’s chairman, Zhu Huarong, announced during a press conference in November that the company is strategizing the deployment of manufacturing bases in both Europe and America to optimize production capacity. This collective surge in activity underscores the growing global footprint of Chinese companies in the new-energy vehicle sector.