Manufacturing will start gradually, with a full ramp-up expected in three to four years.Continue reading
Prime Minister Viktor Orbán received the management of the Chinese car manufacturer BYD on Saturday to review the situation of the giant company’s investments in Hungary, Bertalan Havasi, Deputy State Secretary in charge of the Prime Minister’s Press Office, announced.
One of the most important investments in the history of the Hungarian economy is coming to Hungary, as the world’s largest electric car manufacturer, Chinese company BYD, is building its first European car plant in Szeged (southern Hungary), said Bertalan Havasi. The multi-billion euro investment that will bring technological change, will create thousands of jobs and local suppliers will also benefit from BYD’s presence.
Photo: MTI/Miniszterelnöki Sajtóiroda/Fischer Zoltán
Viktor Orbán said at the meeting that the government’s intention is not only to implement an economic policy development in Szeged, but also to ensure that the people living there can feel its positive effects in their everyday lives. To this end, infrastructure development worth several billion forints is being launched, affecting the road and utility network and community services.
The parties underlined that
Hungary has been the number one investment destination for China in Central and Eastern Europe for years.
Over the past decade, Hungary has established a predictable, stable, and mutually respectful system of relations with China, and every year significant records are set in economic and trade cooperation.
The day before, on Friday, a BYD car handover ceremony also took place in Budapest. At the event, where the first BYD models sold in Hungary were handed over to their owners, Foreign Minister Péter Szijjártó gave a speech.
Foreign Minister Péter Szijjártó. Photo: MTI/Balogh Zoltán
The politician called the construction of the factory in Szeged the beginning of a great success story, which will make it definitive that
for the first time in a century, Hungary is setting the pace in a major global technological renewal, and is not running or lagging behind.”
BYD Seal electric car at the handover ceremony at Puskás Arena. Photo: MTI/Balogh Zoltán
In his opinion, the project is also proof of the success of the strategy of opening up to the East. He stressed that there is huge competition in Europe for the highest technological, ultra-modern Chinese investment, creating thousands of jobs. “We were the first to enter this competition, and this is how Hungary has become the number one destination for Chinese investment in Central Europe.”
BYD will be Hungary’s fifth automotive company. This, I think, proves once again that it is not an exaggeration to say that Hungary is a European car manufacturing power,”
he added.
The event was also attended by BYD’s top executives, who came to Hungary in person for the first time. At the ceremony, Michael Shu, Managing Director of BYD Europe, recalled that the company entered Hungary 19 years ago as a bus manufacturer and started selling its electric passenger car in 2023. In the same year, it was announced that BYD would build its most modern factory in Szeged to serve the entire European market. The Hungarian government has strongly supported the company in its goal of developing electric mobility, for which Michael Shu expressed his thanks.
Via MTI, Featured image: MTI/Miniszterelnöki Sajtóiroda/Fischer Zoltán