BID he has ambitions European expansion plan. As we know, the automaker has begun selling its electric vehicles in more and more countries on the Old Continent. There has been talk for some time about the possibility that the Chinese brand could build its own car plant in Europe to accelerate its growth project in this market.
After a series of rumors, the official announcement came. BID chose Hungary for its European car plant.
Therefore, the Chinese automaker I reach an agreement with the Hungarian government. The size of the investment has not been disclosed, and we do not even know the exact timing of the completion of this project (construction will last two years). However, the plant will be built in near the city of Szeged. It is worth noting that BYD is already present in Hungary, where it produces electric buses in the city of Komárom.
An interesting detail is that the Chinese brand will use a new factory for production. not only electric cars, but also plug-in ones. Thus, the automaker will be able to significantly expand the range of models for the Old Continent market. According to some Chinese sources, after reaching full capacity, the plant will have to produce up to 100,000 cars per year. The new facility will also be important for the Hungarian economy, providing jobs for thousands of people.
Details will probably appear later. Thus, Hungary managed to bypass competition from countries such as Germany and France, which tried to reach an agreement with BYD. It seems clear that the Chinese brand has very important and specific plans for Europe. Moreover, its goal is to capture 10% of the market by the end of the decade.
Source: HD Motori
Ashley Fitzgerald is an accomplished journalist in the field of technology. She currently works as a writer at 24 news breaker. With a deep understanding of the latest technology developments, Ashley’s writing provides readers with insightful analysis and unique perspectives on the industry.