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Two more Chinese car brands are entering the Hungarian market. SERES Group and Duna Autó Group signed an exclusive import contract for SERES Automotive vehicles in Budapest on Thursday.
According to the agreement, Duna Autó will distribute the Chinese manufacturer’s SERES models in the NEV (new energy vehicle) category, as well as the DFSK brand of conventional and electric cars and vans.
On the occasion of the signing ceremony, Duna Autó Group CEO Péter Ormos stressed that the company’s strategy is to be a major player in the transformation of the automotive industry in Hungary, which is why it has decided to partner with the Chinese manufacturer.
Duna Autó’s sales portfolio now includes 27 car brands, four of which are Chinese, and of which three are exclusive importers.
DFSK 600. Photo via Facebook/DFSK International
At a press conference held to mark the agreement, it was stressed that SERES is among the largest NEV vehicle manufacturers in China, having gone from being a parts supplier to being at the forefront of automotive technology development. Its model range was established in 2022, and since then it has experienced dynamic growth, with a presence in 70 countries. SERES has already set up its European headquarters and a central parts warehouse, and will start selling its vehicles in 11 European countries later this year.
SERES 5. Photo via Facebook/SERES AUTO
In Hungary, the two brands are expected to start selling in four to six dealerships by the end of the year, with the number increasing to 10-15 within a year.
By the end of next year, SERES expects to have a one percent market share in the Hungarian new car market with sales of 1,000-1,200 vehicles.
The company’s lower-priced brand, DFSK, will also enter the Hungarian market and the most affordable products will be conventional internal combustion engine cars. For the time being, the DFSK E5 SUV is the only PHEV (plug-in hybrid electric vehicle) in the range, and no pure electric passenger cars are offered at this time. The car will be available in the D-segment in a plug-in hybrid version. With DFSK, the company is also entering the van market with two internal combustion and two pure electric models: the DFSK EC31 and DFSK EC75.
Although no official prices have been announced for the upcoming models, they have revealed that the SERES and DSFK models may come with surprising price tags – in a positive sense.
According to Ormos, Duna Autó sold around 6,000 cars in 2023. In response to a question, the CEO underlined that according to preliminary data, the group’s sales revenue reached HUF 51 billion (EUR 131.7 million) last year, and its profit after tax will exceed HUF 1 billion (EUR 2.5 million).
Based on public company data, the net sales revenue of Duna Autó was HUF 38.5 billion (EUR 99.4 million) in 2022. Its profit after tax was HUF 1.24 billion (EUR 3.2 million) last year, up from HUF 622 million (EUR 1.6 million) a year earlier.
It should also be noted that Duna Autó was one of the two dealerships that started selling the now well-known BYD pure electric vehicles. The brand launched three models in the Hungarian market, combining advanced electric vehicle technology and environmentally friendly solutions. All new vehicles are covered by a six-year or 150,000 kilometer warranty, while the energy storage battery is covered by an eight-year or 200,000 kilometer warranty.
Via MTI; Featured image via Facebook/SERES AUTO