BYD To Set Up First European Production Plant In Hungary

Chinese electric vehicle manufacturer BYD announced on Friday that it plans to build a new electric vehicle plant in Hungary as part of its rapid international growth. It will be the brand's first car factory in Europe and will be built in Szeged, southern Hungary. 

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BYD, based in the southern Chinese city of Shenzhen, said it plans to create thousands of jobs by creating a "local green ecosystem" for manufacturing its electric vehicles. The factory will have an advanced production line and will be built in phases, but the automaker hasn't shared details on the amount of money to be invested. The factory is to be based near the border with Serbia and Romania. The city of Szeged, Hungary's third-largest, is a centre for education and technology. BYD also has a bus manufacturing facility in Hungary.

BYD is among EV manufacturers making fast inroads into Europe, to the extent that European regulators have begun a probe into Chinese government support for the industry. The company, whose name stands for "Build Your Dreams," began direct EV sales in Hungary in October.

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The company says it plans to launch three new models in Europe within the coming year in addition to the five models it is already selling, including sedans, hatchbacks and SUVs. BYD has 230 outlets in 19 European countries, it says.