Market speculation appears to be confirmed that Chinese electric car maker BYD may indeed build its first European car plant in Hungary, Világgazdaság reports, based on sources from the Frankfurter Allgemeine Sonntagszeitung. The German newspaper, citing unnamed sources close to the Chinese automotive giant, stressed that the decision has already been made internally.
As Hungary Today wrote previously, last month, the government website of Shenzhen, China, where BYD is based, reported that Hungarian Prime Minister Viktor Orbán had met BYD CEO Wang Chuanfu during a visit to the company.
At the BYD car plant, the Hungarian Prime Minister was familiarized with the structure of the company and the car manufacturer’s activities in Hungary – the operation of the bus factory in Komárom (northern Hungary) and the battery assembly plant in Fót (near Budapest) – and then had the opportunity to see the most modern electric car models produced by BYD.
Photo via Facebook/ BYD Europe
Reuters contacted BYD on the matter, but the Chinese company’s response was simply that it is still looking for a suitable location for its first European plant, and will make an announcement at the end of the year. The Hungarian government did not respond to the news agency’s request.
The Chinese electric vehicle manufacturer started selling its cars in Hungary last month, the first in the Central and Eastern European region. BYD’s domestic strategic partner is AutoWallis, listed on the Budapest Stock Exchange.
In accordance with its plans, the Chinese giant launched three pure electric passenger cars on the Hungarian market in 2023: the BYD ATTO 3 from HUF 13,997,900 (EUR 36,953), a spacious C segment SUV, the BYD Dolphin from HUF 10,978,900 (EUR 28,973), an agile and versatile five-door model in the C segment, and the BYD Seal from HUF 18,114,900 (EUR 47,805), a sporty and dynamic sedan in the D segment.
The three cars currently available in Hungary. Photo via Facebook/BYD Europe
BYD’s first European bus factory was inaugurated in Komárom in 2017. A total of HUF 6.2 billion (EUR 16.3 million) was invested in the Hungarian plant, with HUF 925 million (EUR 2.4 million) in state support. From the outset, BYD’s plans included a medium-term target of 1,000-1,500 units per year. In 2022, the base in Komárom increased its capacity fivefold compared to 2020, to around 1,000 vehicles per year.
BYD’s investments make a significant contribution to Hungary’s role in the transition to electric cars in Europe. In addition, they strengthen Hungary’s leadership in this economic process, contribute to job security in Hungary, and help Hungary attract new capacity for the most important industry of the future.
Via Világgazdaság, Featured image via Facebook/BYD