After 224 rounds of negotiations, Hungary has won the site competition. BYD, the world’s largest manufacturer of electric cars, will build its first European plant in Szeged.
BYD will create several thousand jobs in the automotive plant and bring the most advanced technologies in this future-oriented industry to Hungary.
A specific investment amount has not yet been announced. The Chinese company is the second largest battery manufacturer after CATL and holds about a quarter of the market share for electric cars. The BYD Group employs approximately 630,000 people worldwide.
BYD will build the new automotive plant next to the ELI-ALPS Laser Research Institute and Science Park. In Szeged, the Chinese group will implement the entire production process, with the exception of battery production and chemical activities. The plant will supply the entire European market.