China's BYD to build its first European electric vehicle factory in Hungary

One of the world’s largest electrical vehicle manufacturers, China’s BYD, will open its first European EV production factory in Hungary, the country’s foreign minister said on Friday

BUDAPEST, Hungary -- One of the world's largest electrical vehicle manufacturers, China's BYD, will open its first European EV production factory in Hungary, the country's foreign minister said Friday, the latest step in the Central European nation's efforts to become a global hub for EV manufacturing.

BYD will construct the plant near the southern Hungarian city of Szeged, and is expected to provide thousands of jobs to the region, Foreign Minister Péter Szijjártó said in a statement posted to his Facebook page.

The project “will be one of the largest investments in Hungarian economic history,” he said, adding that the government would provide financial incentives to BYD for building the plant, details of which he said would be released at a later date.

The plant's construction will “further strengthen the position of the Hungarian economy, further strengthen the foundations of long-term economic growth, and further strengthen Hungary’s position in the global electric automotive transition,” Szijjártó said.

Hungary in recent years has sought to become a global hub of lithium-ion battery manufacturing in an era where governments are increasingly seeking to limit greenhouse gas emissions by switching to electric cars.