BYD Announces First European Factory in Hungary
China’s prominent car manufacturing company BYD has confirmed its plans to establish its first European factory in Szeged, Hungary. This move marks the first instance of a Chinese electric vehicle (EV) manufacturer intending to manufacture within the European Union (EU). The new manufacturing and production center in Szeged will be pivotal in realizing BYD’s ambitious goal of becoming Europe’s largest EV seller by 2030, with a target of producing 10% of all electric cars driven in the EU.
The Szeged plant is expected to commence operations in the second half of the decade. BYD aims to strengthen its position in key European markets, including the UK, where it recently launched the all-electric saloon BYD Seal. Positioned as a flagship product, the BYD Seal competes in the executive electric vehicle segment, targeting consumers seeking an executive drive experience.
This strategic move aligns with BYD’s comprehensive electric vehicle lineup, showcasing its ability to compete globally across various market segments. The company is making strides in the electric vehicle market, emphasizing innovation and performance to establish itself as a formidable player in the European automotive landscape.
