BYD Aims for 3.6M Annual Car-Sales with New Factory Opening in Szeged

In December alone, nearly 200,000 all-electric cars were sold, with BYD selling over half a million vehicles between October and December, reaching an annual total of 3,010,000 units, including hybrids.

While Tesla remains the market leader in EVs, China’s BYD, poised to build a factory in Szeged, has positioned itself as a strong contender. Despite a 234,000-unit gap in the data release,

BYD expected a complete Chinese takeover, having sold 526,409 all-electric vehicles globally in Q4, surpassing Tesla’s 484,507 units.

Photo: BYD Seal. Via Facebook

Tesla fell short of its 2023 target of two million cars but exceeded LSEG’s analyst consensus for quarterly sales. BYD met its goal of three million units and rewarded dealers with 2 billion Yuans (USD 280 million).

Last March, Chairman and CEO Wang Chuan-fu announced the end of internal combustion engine vehicle production and set a minimum target of three million units by 2023, with a wish list goal of 3.6 million. This is only a 20% difference compared to the current level.

Photo: BYD Seal interior. Via Facebook

The Chinese press believes this is easily achievable this year, considering new capacities joining the production.

With the Boeing-Airbus-like duel in electric cars emerging, Szeged’s soon-to-be-established European production unit will join this competition.

Fact

The dynamically developing global company will build its electric car factory in Szeged, in the 300-hectare industrial park on the outskirts of the city next to the ELI-ALPS laser research institute and the Science Park, from where it will supply the European market. This will create thousands of new jobs and implement the entire production process in Szeged, with the exception of battery production and chemical activities. BYD, the world’s leading electric and plug-in hybrid car manufacturer, has chosen Szeged as its European manufacturing center because of its internationally renowned research background, scientific reputation, excellent infrastructure, favorable location, and green credentials.

Via Világgazdaság and Szeged.hu; Featured Image: Facebook / BYD

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Last month, Prime Minister Viktor Orbán met BYD CEO Wang Chuanfu during a visit to the company.Continue reading