BYD confirms NEV production base in Hungary to target European markets
BYD is to become the first Chinese car manufacturer to establish a production facility for new energy vehicles (NEVs) in Europe. The automaker has recently signed a preliminary land purchase agreement with the local government of the city of Szeged in Hungary.
According to media reports, the NEV plant will be up and ready in three years, dedicated to BYD's Europe-specific passenger car models. The brand already has established an electric bus plant in Hungary some seven years ago, the first-of-its-kind in the entire Europe.
The company will deepen cooperation on localized projects in the European country "to jointly promote the green transformation of the European automotive industry", BYD reported saying in its official statement.
Specific details on the production capacity and battery sourcing strategy of the proposed Hungarian plant are awaited. Last year, it was reported that BYD was planning to set up a battery assembly plant at Fót, Hungary, although the company has not confirmed it officially.
It is to be noted that BYD is the largest maker of NEVs in China, which had sold over 3 million NEVs in the whole of 2023. The brand has sold 242,765 NEVs in overseas market the same year, an increase of about five times from 2022 figures, as per CnEVPost's compiled data.
Out of China, the automaker is currently establishing manufacturing bases in three countries, namely Thailand, Uzbekistan, and Brazil. While the Uzbek facility just commenced production recently, the Thai auto plant will commence production next year.
BYD's production complex in Brazil was confirmed last year, which will include the assembly of passenger NEVs, electric bus and truck chassis, and a processing facility for LFP battery materials.