Electric automaker BYD, headquartered in Shenzhen, China, has announced plans to construct a new manufacturing and production facility in Szeged, Hungary. Reported to be the next stage of its European strategy, the state-of-the-art facility will be the first of its kind to be built by a Chinese automotive company in Europe.
The factory will be built in phases and is expected to create thousands of local jobs, boost the local economy and support regional supply chains. It was stated that the production facility will incorporate advanced technology and highly automated production processes.
THE WORLD OF POWDER METALLURGY TO YOUR INBOX
Subscribe to our weekly newsletter
Situated in central Europe, Hungary serves as an essential transportation hub and boasts a rich history of expertise in the automotive industry. With a mature infrastructure and a well-established industrial foundation, Hungary has been chosen by several European manufacturers as a production location for passenger cars.
BYD added that it has already made significant progress in launching its passenger car operations in Europe. Within its first year, the company established 230 retail stores across nineteen countries and introduced five new models, including hatchbacks, sedans, and SUVs (BYD Han, BYD Tang, BYD Seal, and BYD Dolphin). Three new models are expected to be launched in the next twelve months.