Chinese giant BYD to build its first European car factory in Szeged
The Chinese BYD, the world's largest electric car manufacturer, will be building its first European plant in Szeged, announced Péter Szijjártó, Minister of Foreign Affairs and Trade, on December 22 in Budapest. According to the minister, this will be one of the most significant investments in Hungarian economic history, as a result of which thousands of new jobs will be created.
Szijjártó said that BYD, selling every fourth electric car globally in 2023, is building new factories following its success on the world market, and thus has been looking for a location in Europe for a long time. The company's board of directors finally decided — after 224 rounds of negotiations with the Hungarian Investment Promotion Agency — to build its first plant on the continent in Szeged, which will now be the sixth car factory in Hungary, explained the Minister.
BYD, which registered more than HUF 20,000 billion in revenue by September 2023 and employs approximately 630,000 people, will not produce batteries but electric cars in Hungary, and this project will be one of the largest investments in Hungarian economic history, which will create thousands of new jobs, he added.
"This investment also underlines that Hungary plays a leading role in the technological revolution. It was a long time ago that Hungary would have taken the lead in such a fundamental global technological renewal, and now this is happening," he pointed out. He also thanked his fellow representatives, the Szeged city administration, and his colleagues at the Hungarian Investment Promotion Agency for their cooperation.
"During the past 224 rounds of negotiations, we have clearly demonstrated that there is one national economy and that we all have an interest in the success of this national economy, regardless of what political views we hold or in which party we are in politics," he said.
The Szeged municipality said in a statement that the dynamically developing global company will build its electric car factory in Szeged, in the 300-hectare industrial park on the outskirts of the city, next to the ELI-ALPS laser research institute and the Science Park, from where it will serve the European market. BYD, which will create thousands of new jobs, will implement the entire production process in Szeged, with the exception of battery production and chemical industry activities.
The world's leading manufacturer of electric and plug-in hybrid cars, the Chinese BYD, chose Szeged as its European production center due to its international research background, scientific rank, excellent infrastructure, favorable location, and green approach, the municipal announcement states.
Source: MTI (Hungarian News Agency)
Featured image: Péter Szijjártó, Minister of Foreign Affairs and Trade (top right), István Joó, CEO of the National Investment Agency (HIPA) (bottom right), Béla Mihálffy, MP (middle left) and László Botka, mayor of Szeged (top left) finalize the agreement with Wang Chuanfu, the President and CEO of BYD, (via video call) at the Ministry of Foreign Affairs and Trade on December 22, 2023.
Source of images: Ministry of Foreign Affairs and Trade
