BYD entered the local market in October 2023 with its first all-electric and plug-in hybrid vehicles and has been growing steadily since.
In its first full year, 2024, the company sold 1,548 passenger cars and light commercial vehicles, achieving a 1.4% market share in new car sales. In the first four months of this year alone, 757 vehicles were sold, reaching a market share of 18%. Tesla’s lead, with a 21.5% share of the local electric vehicle market, is narrowing. The Chinese brand is also continuously expanding its sales network. While only three dealers in Budapest carried BYD models last year, they are now available at ten dealerships across eight cities.
BYD Auto was founded in 2003 and is a subsidiary of the multinational high-tech company BYD. The company is investing several billion euros in its automotive plant in Szeged and recently announced an investment of nearly EUR 250 million to establish its European headquarters, including R&D, in Budapest.