The Chinese company BYD has announced plans to establish a European hub in Hungary.
The Chinese electric vehicle company BYD has revealed its plans to create a European hub in Hungary. The announcement was made during a meeting between the CEO and the Hungarian Prime Minister. The CEO stated that the new European hub will create 2,000 jobs and serve three main functions: it will be a center for sales and after-sales services, testing, and the development of localized versions of the company’s models. In April 2016, BYD built its first European electric bus assembly plant in the town of Komárom, located in northwestern Hungary. Currently, a second Hungarian factory is under construction, which will focus on producing electric vehicles. Hungary, led by a right-wing leader, has become an important trade and investment partner for China. This sets it apart from some other EU countries that are considering reducing their dependence on the world’s second-largest economy. Orbán began aligning his country with Beijing after coming to power in 2010. Warm political relations evolved into investments about a decade later, as battery and electric vehicle manufacturers started setting up production facilities in Hungary.
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