BYD builds electric car and battery giga-factory in Hungary
The Chinese electric vehicle and battery manufacturer BYD has announced the construction of its first factory in Europe, which is now set to be built in Hungary. In Szeged, both batteries and electric cars are expected to be produced in the future. The company already manufactures electric buses in Komarom, which are in high demand in Europe. According to Hungarian Foreign Minister Peter Szijjarto, this is expected to be one of the largest investments in Hungarian history, although he did not specify an exact amount.
The move is anticipated to enable the company to significantly lower the pricing of its electric models, which have so far been driven up by tariffs and transportation costs. The former could become even higher since the EU is currently pursuing a case against Chinese manufacturers involving unlawful state subsidies and the disadvantaging of European providers. BYD could circumvent these looming higher tariffs with a local factory.
Originally, there were also hopes in Germany for the settlement. Ford had aimed to take over the obsolete plant in Saarlouis. Apparently, an agreement could not be reached. Hungary is generally a popular location for automobile manufacturing: Audi and Mercedes also produce electric cars, and BMW is currently building an electric car plant in Debrecen.
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