BYD to Set up Plant in Hungary

Automotive

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China's BYD, the world's biggest electric vehicle maker, will build its first plant in Europe in the Hungarian city of Szeged, Minister of Foreign Affairs and Trade Péter Szijjártó announced on Friday.

BYD decided on Szeged as the location for the plant after 224 rounds of talks with the Hungarian Investment Promotion Agency (Hipa), Szijjártó said. The investment will create "several thousand" jobs, he added.

He said the scale of financial support the government would provide for the investment would be announced after clearance from the European Commission.

The investment will strengthen Hungary's role in the transition to electromobility and boost economic growth, he added.

n a separate statement, the municipal council of Szeged said the BYD plant would be built at the site of a 300-hectare industrial park on the outskirts of the city, near the ELI-ALPS laser research institute. BYD will undertake the entire manufacturing process, with the exception of battery production, in Szeged, it added.

BYD picked Szeged because of its international reputation in research, its outstanding infrastructure, favorable location, and green approach, the city council said.

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