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BYD set to announce Hungarian electric vehicle factory
- China’s EV giant is looking to manufacture electric cars and batteries at a new plant in Szeged, in the south of Hungary, the Financial Times reported
- BYD already has a bus facility in Hungary, but is investing in the factory as it seeks to dominate the European EV industry by end of the decade
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Chinese electric vehicle giant BYD is in final talks with the Hungarian government to secure a multibillion-euro investment in a new electric car factory, in a deal that could be announced as early as Friday, the Financial Times reported on Thursday.
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The company is looking to manufacture electric cars and batteries at a new plant in Szeged, in the south of Hungary, the Times report said, citing three people briefed on the plans.
BYD already has a bus facility in the country, but is investing in the plant as it seeks to dominate the European EV industry by end of the decade, the newspaper reported, adding that negotiations between the company and the government were continuing on Thursday.
Hungarian Prime Minister Viktor Orban said at a news briefing on Thursday that he expects the southern Hungarian region near Szeged to get an increase in employment following big corporate investments.
BYD and the Hungarian government did not immediately respond to a Reuters request for comment on the Financial Times report.
A government website in Shenzhen, where BYD is headquartered, posted an article in October saying that Orban met BYD chairman and president Wang Chuanfu on a visit to the company.
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