Posted on 02 Feb 2024
BYD Auto Hungary has signed a preliminary sale and purchase agreement with the municipality of Szeged to build its upcoming passenger vehicle factory in Hungary, Kallanish learns from BYD.
“This marks a new substantial breakthrough in BYD’s localisation process in Europe,” the Chinese EV and battery manufacturer said in a social media post on 31 January. The specific investment figure and planned production capacity have not been disclosed.
At a signing ceremony, Hungarian foreign affairs minister Peter Szijjarto, said BYD’s first European new energy passenger vehicle factory “is one of the largest and most important investment projects in Hungarian history.”
“The construction of the project will further strengthen Hungary’s economic status, consolidate the foundation for long-term economic growth, and strengthen Hungary’s position in the global transition to electric mobility,” he adds. “The central and local governments of Hungary will provide all aspects of support for this project and help shorten the waiting period before it is operational.”
In addition to this passenger vehicle production plant, it is said that BYD also eyes battery assembly in the country, despite current intensified frictions between Hungary and the EU.
Previously, the minister said BYD plans to establish a battery assembly plant in Fot, a town in northern Hungary. The investment of this project is estimated to exceed CNY 200 million ($28m). According to him, the plant would not produce batteries, only assemble them.
In the next 12 months, BYD will officially launch its high-end Denza brand in Europe. Currently, it has five EV models available in Europe: Han, Tang, Atto 3, Seal and Dolphine.
On 31 January, BYD also signed an agreement to become the vehicle sponsor for the 2024 European Cup, a brand marketing push. It’s the first time a Chinese vehicle brand and a NEV brand to become a sponsor for this event.
“As the world’s largest NEV company, BYD is happy to bring our highly advanced processes and highly automated production lines to Hungary to assist the local electrification,” comments BYD’s president and ceo Wang Chuanfu. “In the future, through localised production and manufacturing, BYD will accelerate the creation of products with local attributes of Europe, form closer business exchanges and complementary cooperation with Europe, and jointly promote industrial green and low-carbon transformation and global sustainable development.”
In 2017, BYD established a factory in Komáron, Hungary, to manufacture electric buses and other products.
Source:Kallanish
