China's BYD to build new NEV factory in Hungary

BUDAPEST -- Chinese electric vehicle (EV) maker BYD will build its first European new energy passenger vehicle factory in Hungary, Minister of Foreign Affairs and Trade Peter Szijjarto said on Friday.

This project is one of the most significant investments in Hungary's economic history, meaning "thousands of new jobs and the latest technology in the industry of the future," Szijjarto told the press.

BYD, the world's leading manufacturer of new energy vehicles (NEVs), is expanding its market with new factories. After 224 rounds of negotiations with the Hungarian Investment Promotion Agency, BYD chose the southern Hungarian city of Szeged, making it the sixth car factory in Hungary.

Szijjarto said this investment strengthens Hungary's economic position and the country's role in the global shift towards EVs.

"This investment underscores Hungary's leading role in the technological revolution. It's been a long time since Hungary led in such a fundamental global technological renewal, but now we are at the forefront," Szijjarto said.

The state-of-the-art facility will be the first of its kind built by a Chinese automotive company in Europe and will have an advanced car production line, BYD said in a statement sent to Xinhua.

The factory will be built in phases and is expected to boost the local economy and support local supply chains, the Chinese company said.

The production center, equipped with cutting-edge technology and automated systems, aims to be a top-tier facility for new energy passenger vehicles, fostering technological collaboration and innovation between China and Hungary, it added.