China To Build In Hungary Its First EV Plant
- Economy. Cars
One of the world’s largest electrical vehicle manufacturers, China’s BYD, will open its first European EV production factory in Hungary, the country’s foreign minister said Friday, the latest step in the Central European nation’s efforts to become a global hub for EV manufacturing.
The project “will be one of the largest investments in Hungarian economic history,” Foreign Minister Péter Szijjártó said, adding that the government would provide financial incentives to BYD for building the plant, details of which he said would be released at a later date.
"The project will be one of the largest investments in Hungarian economic history. It will further strengthen the country's foundations of long-term economic growth and its position in the global electric automotive transition."
Source: Foreign Ministry, Hungary
What are other next-generation investments in Hungary?
South Korea’s Samsung, China’s CATL and other companies have built factories around Hungary in hope to turn it into a global hub of lithium-ion battery manufacturing.
China's CATL's 100 GWh battery plant under construction in Debrecen is expected to create around 9,000 jobs. It will be the largest EV battery factory in Hungary so far, part of the government's strategy to serve foreign car manufacturers present in the country — like German carmakers Audi, BMW, and Mercedes-Benz.