BYD launched sales of its EVs in Hungary in October. In December, the company announced that it would build its first plant in Europe in the Hungarian city of Szeged.
Speaking at the ceremony, Minister of Foreign Affairs and Trade Péter Szijjártó said BYD's investment in Szeged would be a "long-term guarantee" for keeping Hungary's economy on the path of growth. He added that the project was also proof of the success of the government's Eastern Opening policy.
He said there was an "enormous competition" in Europe to attract Chinese investments that bring cutting-edge technology and create thousands of jobs. "I could say we were the first to enter this competition, and that's how Hungary has become the number one destination for Chinese investments in Central Europe," he added.
He noted that Chinese companies had brought the most FDI to Hungary in 2020 and again in 2023.
He said BYD had quickly won the trust of Hungarians, evidenced by early local sales of the company's EVs.
BYD Europe managing director Michael Shu acknowledged the "strong support" of the Hungarian government in its endeavor to supply the entire European market from its plant in Szeged.
He noted that BYD had entered Hungary years earlier as a bus manufacturer.
BYD has three partners in Hungary: Duna Auto, Wallis Motor, and Schiller Auto.
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