BYD is making an investment of billions at the border with Romania. More specifically, the Chinese electric car manufacturer BYD signed the pre-sale-purchase contract of a 300-hectare land area on the outskirts of the city of Szeged. Here he is going to build his first factory in Europe.
The Chinese company BYD, the world’s largest manufacturer of electric vehicles, will build its first European factory in Szeged. It will be one of the most significant investments in the economic history of Hungary. Thousands of new jobs will be created, announced the Hungarian Minister of Foreign Affairs and Foreign Trade, Péter Szijjártó.
BYD will build the first electric car factory a stone’s throw from Romania
The future BYD plant in Szeged will be the fifth car factory in Hungary, Szijjarto said, stating that “the investment is in the order of billions of euros and will create thousands of jobs. The Hungarian government will, of course, provide financial support to this project, the value of the support remains to be finalized during the discussions with the European Commission”.
Chinese company. Photo source: Facebook.
“The Hungarian government will, of course, provide financial support to this project, the value of the support remains to be finalized during the discussions with the European Commission”, added Szijjarto.
“BYD chose Szeged as a European production center due to the fact that the city has an international experience in research, an important scientific rank, an excellent infrastructure, a favorable location and an ecological approach”, announced the Szeged City Hall.
BYD has surpassed Tesla in the number of cars sold
As of 2018, Hungary is among the world’s top 20 car exporters, Szijjarto also said. He also said that in the last 15 years the production volume of this sector has increased 3.5 times, “exceeding the threshold of 10,000 billion forints in 2022”
Photo source: Facebook
BYD sold 526,409 fully electric cars in the last quarter of last year. For the first time he managed to dethrone Tesla Inc. According to preliminary results, BYD’s net profit increased by up to 86.5% in 2023 compared to 2022.
In a preliminary report to the Shenzhen Stock Exchange, BYD estimated its net profit for last year to be somewhere between $4.04 billion and $4.32 billion. It is a percentage increase of 74.46% to 86.49% compared to 2022. Péter Szijjártó also said that all this further strengthens the position of the Hungarian economy and the foundations of long-term economic growth.