BYD is set to establish its first European EV factory in Hungary. This decision was confirmed by sources close to BYD, as reported by the Frankfurter Allgemeine Sonntagszeitung newspaper. BYD indicated it was continuing to look for a suitable location and plans to make an announcement by the end of 2023.
BYD in Europe
Although not confirmed, it follows on from December 2022 when BYD announced it was planning up to two European EV plants. Hungary is expected to be the location of its first factory. Already, the company has invested EUR27 million (USD29 million) into a battery assembly plant just outside of Budapest, Hungary. This decision was welcomed by the Hungarian government, which assured financial support amounting to EUR2.7 million (USD2.9 million). Furthermore, BYD is currently engaged in vehicle manufacturing in Hungary, through its electric bus manufacturing facility in Komárom, Hungary. Moreover, Viktor Orban, Hungary’s Prime Minister, met with BYD Chairman, Wang Chuanfu, on a recent visit to the company.
Since the company’s initial announcement in 2022, a number of locations have been rumored. These include sites in France, Spain and Germany. Earlier in 2023, a French minister confirmed they had had talks with BYD. The company had previously operated in France producing electric buses but ceased operations in 2021. However, the company had indicated it wanted to remain active in the country. Additionally, there were reports that Ford was negotiating to sell its German Saarlouis plant to BYD. Other rumors circulated that alternative sites in Spain and Germany were also being considered.
BYD is one of the fastest growing electric vehicle companies globally. For the last two years…
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