Chinese electric vehicle manufacturer BYD plans to establish a European centre in Hungary, according to CEO and president Wang Chuanfu.
The announcement was made at a news conference in Budapest alongside Hungarian Prime Minister Viktor Orban as reported by Reuters.
The new centre will create 2,000 jobs and serve as a hub for sales, after-sales services, testing, and localisation of BYD models.
BYD's first European plant, an electric bus assembly factory, was established in Komarom, northwest Hungary, in April 2017.
The 66,000m2 bus production complex produces bus chassis for the UK and France factories. The plant had produced 700 electric buses as of September 2024.
A second factory, dedicated to producing electric vehicles, is currently under construction in Hungary.
The construction will be carried out in stages and is anticipated to generate several job opportunities in the region, potentially stimulating the local economy and benefiting nearby suppliers.
The factory will feature modern technology and automated production lines.
Orban has strengthened Hungary's ties with China since coming to power in 2010, leading to investments from battery and electric vehicle manufacturers.
Additionally, BYD's new factory in Brazil, initially expected to commence vehicle production at the start of this year, will now be fully operational by December 2026 due to an investigation into labour abuse.
In April, BYD reported a 100.4% year-on-year increase in net profit attributed to shareholders for the first quarter of the 2025 financial year.
The net profit reached 9.15bn yuan ($1.3bn), with operating revenue for the period standing at 170.36bn yuan, up from 124.94bn yuan a year earlier.
The revenue growth was primarily driven by the expansion of BYD's new energy vehicle business.
