BYD inks agreement for building passenger car production facility in Hungary

Shanghai (Gasgoo)- BYD, a global frontrunner in the new energy vehicle (NEV) manufacturing sector, commenced the initial stage of its NEV production facility in Hungary by officially signing the Preliminary Sales and Purchase Agreement with the government of Szeged city on January 30, 2024.

The move marks a significant breakthrough in BYD's localization efforts in the European region, said the company.

A state-of-the-art manufacturing facility is set to be constructed in Szeged, situated in the southeastern region of Hungary. This facility will be exclusively devoted to manufacturing BYD electric vehicles targeted for the European market.

Notably, the Szeged facility will stand as the inaugural passenger vehicle manufacturing plant built in Europe by a Chinese automotive company.

Péter Szijjártó, Hungary's Minister of Foreign Affairs and Trade, expressed, "BYD's decision to establish its first European new energy passenger car factory in Hungary is one of the largest and most crucial investment projects in Hungarian history. The construction of this project will further strengthen Hungary's economic position, fortify the foundations for long-term economic growth, and enhance Hungary's standing in the global electric vehicle transformation. Both the central and local governments in Hungary are committed to providing comprehensive support for BYD's complete vehicle plant project, accelerating its early production and operation."

Wang Chuanfu, Chairman and President of BYD, expressed, "As the world's largest new energy vehicle company, BYD is pleased to bring our highly advanced processes and highly automated production lines to Hungary, supporting the local transition to electrification. In the future, through localized manufacturing, BYD will accelerate the creation of products with European localized brand attributes, fostering closer business exchanges and complementary cooperation with Europe, jointly promoting green and low-carbon transformation in the industry and global sustainable development."

In December of last year, BYD announced the construction of a new energy passenger vehicle production base in Szeged, Hungary, becoming the first Chinese automaker to build a passenger vehicle factory in the European Union region. The factory is expected to be completed and go into operation within three years, focusing on producing passenger car models for sale in Europe. The construction of the factory will create thousands of jobs locally, contributing to Hungary's green economic transformation.