Chinese electric vehicle giant BYD (002594.SZ) is reportedly planning to build its inaugural European car manufacturing facility in Hungary, according to a Saturday report in the German newspaper, Frankfurter Allgemeine Sonntagszeitung (FAS). Citing unnamed sources close to BYD, the newspaper revealed that the decision to establish the factory had been made internally within the company.
Last month, a government website in Shenzhen, where BYD is headquartered, published an article stating that Hungarian Prime Minister Viktor Orban held discussions with BYD Chairman and President Wang Chuanfu during his visit to the company. When contacted by Reuters, BYD confirmed the meeting but stated that they were still in the process of finalizing the location for the factory. The company further added that they would make an official announcement regarding the project’s details by the end of the year.
The Hungarian government has yet to respond to requests for comments regarding this development.
BYD, known for its innovative electric vehicles and sustainable technology solutions, has gained global recognition for its commitment to environmentally friendly transportation. The company’s decision to establish a manufacturing presence in Europe marks a significant milestone in its international expansion efforts.
As the electric vehicle market continues to grow, BYD’s move into Europe aligns with the increasing demand for sustainable transportation options. The establishment of a manufacturing facility in Hungary is expected to create employment opportunities, stimulate economic growth, and contribute to the development of the local automotive industry.
Industry experts and enthusiasts eagerly await BYD’s official announcement, which is anticipated to provide more insights into the company’s strategic plans for its European venture. Stay tuned for further updates on this exciting development in the electric vehicle sector. Read Similar Story
Source: Reuters
