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Automotive Industry
BYD expects to establish a European center in Hungary, CEO and President Wang Chuanfu said at a news conference with Hungarian Prime Minister Viktor Orban in Budapest.
Wang said on May 15 that the new European center will create 2,000 jobs and have three functions. It will be a hub for sales and after-sales services, for testing and for developing localized versions of the company’s models.
BYD built its first European plant, a factory that assembles electric buses, in the city of Komarom in northwest Hungary in April 2016. A second Hungarian factory that will produce electrified cars is under construction.
BYD is also constructing a factory near Izmir, Turkey.
Hungary under right-leaning Orban has become an important trade and investment partner for China, in contrast with some other EU nations that are considering becoming less dependent on the world’s second-largest economy.
Orban started bringing his country closer to Beijing after he came to power in 2010. Warm political relations turned into investments about a decade later when battery and electric vehicle makers started to bring production to Hungary.