Chinese automaker BYD plans a new EV plant in Hungary as part of its rapid global expansion
ABC News
Chinese automaker BYD plans to build a new electric vehicle plant in Hungary, its first car factory in Europe, as part of its rapid global expansion
BANGKOK -- Chinese automaker BYD said Friday that it plans to build a new electric vehicle plant in Hungary, its first car factory in Europe, as part of its rapid global expansion.
Hungary will be the center for its European operations, BYD said in a notice on its Weibo social media account.
BYD, based in the southern Chinese city of Shenzhen, said it plans to create thousands of jobs in creating a “local green ecosystem” for manufacturing its electric vehicles. The factory will have an advanced production line and will be built in phases, it said without giving details on the amount of money to be invested.
BYD is among EV manufacturers making fast inroads into Europe, to the extent that European regulators have begun a probe into Chinese government support for the industry. The company, whose name stands for “Build Your Dreams,” began direct EV sales in Hungary in October.
The company says it plans to launch three new models in Europe within the coming year in addition to the five models it is already selling that include sedans, hatchbacks and SUVs. BYD has 230 outlets in 19 European countries, it says.
