'Made in Hungary' BYD Electric Car to be Released

Chinese electric vehicle manufacturer BYD, accelerating its expansion into Europe, has entered final negotiations with the local government to establish an electric vehicle factory in Hungary.

On the 21st (local time), major foreign media outlets, citing three sources familiar with the matter, reported that BYD is planning to invest billions of euros to build electric vehicle and battery production facilities in Szeged, southern Hungary.

Hungarian Prime Minister Viktor Orb?n said at a press conference that "due to the large-scale investment, we expect an increase in employment in the southern region near Szeged." Last month, Prime Minister Orb?n visited BYD's headquarters in Shenzhen, China, and met with Chairman Wang Chuanfu.

BYD aims to capture 10% of the European electric vehicle market by 2030. Michael Shu, BYD's European representative, stated, "BYD aims to become the largest electric vehicle company in Europe," adding, "By 2030, one out of every ten electric vehicles sold in Europe will be a BYD."

Having secured a dominant position in its home market, BYD has been accelerating its entry into Europe. BYD anticipates a surge in electric vehicle demand in Europe starting in 2025, when environmental regulations will tighten, and has been pursuing an aggressive strategy to secure volume.

BYD, which has aggressively expanded overseas, surpassed Tesla?the "original" electric vehicle maker?with 1.86 million units sold last year, compared to Tesla's 1.3 million units.

This content was produced with the assistance of AI translation services.