This post is also available in:
简体中文 (Chinese)
Chinese electric carmaker BYD plans to build Europe’s first car factory in Hungary as it seeks to challenge Tesla’s leadership in electric vehicles.
The plant, located in the southern Hungarian city of Szeged, will produce electric vehicles and plug-in hybrid vehicles, creating thousands of jobs. The move could help BYD circumvent the impact of an investigation into state subsidies for Chinese electric car makers. Several European countries have approached BYD seeking investment and employment opportunities.
The Hungarian Foreign Minister said that the BYD factory will receive subsidies, and the amount will be announced after approval by the European Commission. This will be one of the largest investments in Hungary’s economic history.
(Source: enanyang Image source: unsplash)
