A BYD car handover ceremony also took place in Budapest, attended by the Chinese company's top executives.Continue reading
Chinese car manufacturer, BYD, is dynamically expanding its production of new energy vehicles: the production reached seven million units this week, BYD PR Hungary states.
The company’s production system covers the entire supply chain, and its large-scale production is efficient and economical. Founded in 2003, BYD Auto reached one million units in May 2021, tripling that in just 18 months, reaching five million in nine months, and seven million in just seven months.
The seven millionth unit, a DENZA N7, rolled off the assembly line at the company’s Jinan plant on March 25.
In 2023, BYD rapidly increased its market presence globally, proactively responding to changes and challenges. Export sales of its passenger cars grew 337 percent this year, reaching 240,000 units. With this result, it has become the leading Chinese exporter of cars categorized under the collective name New Energy Vehicles (NEV).
The company is also investing considerable energy in globalizing its production, opening new plants in Thailand, Brazil, Uzbekistan, and Hungary. Last December, BYD announced that it would build its first European plant in Szeged (southern Hungary), where it will produce electric cars.
The agreement with BYD to build the Szeged plant was signed in January this year. At the time, Minister of Foreign Affairs and Trade, Péter Szijjártó, stressed that BYD would be the fifth car manufacturer in Hungary, alongside the three German premium brands (Mercedes-Benz, Audi, BMW) and Suzuki. Production at the Szeged plant is expected to start in 2025, and the company expects annual sales of 3.6 million units. In addition, the brand’s first Hungarian dealership opened in Budapest in January 2024.
BYD is committed to developing and manufacturing models based on local market needs and to localize its technologies and brand presence in international markets.
According to their earlier announcement, BYD sold 3.02 million alternative drive vehicles including all-electric cars and various hybrids last year, an increase of 61.9 percent compared to 2022. Its after-tax profit was USD 4-4.3B last year, 74-86 percent higher than in 2022.
Via MTI; Featured Image: Facebook / BYD