Creation of 2,000 New Jobs
Construction of a Plant in Hungary with an Annual Capacity of 200,000 Units
Reuters and AFP reported on May 15 (local time) that BYD, the world's largest electric vehicle manufacturer, will establish its European headquarters in Hungary.
On the same day, Wang Chuanfu, Chairman of BYD, held a joint press conference with Hungarian Prime Minister Viktor Orban in Budapest, the capital of Hungary, and announced the plan to establish the European headquarters.
Chairman Wang stated that the newly established European headquarters is expected to create 2,000 new jobs and will serve three core functions: acting as a sales and after-sales service hub, conducting vehicle testing, and developing localized models.
BYD entered Hungary in 2016 by building an electric bus manufacturing plant in Komarom. Currently, the company is constructing its first European electric vehicle plant in Szeged, southern Hungary, with an annual production capacity of 200,000 units. This plant is scheduled to begin operations by the end of this year.
If BYD produces electric vehicles locally in Hungary, the production will be recognized as within the European Union (EU), allowing the company to avoid European tariff barriers and various trade regulations. Hungary is encouraging Chinese companies to enter the country by offering various tax incentives and infrastructure support.
BYD is solidifying its position as the global leader in sales, outpacing competitors such as Tesla. According to market research firm SNE Research, BYD sold 875,000 units in the first quarter of this year (January to March), a 50.9% increase from last year, securing the top position. In comparison, Tesla's sales fell by 13.0% to 337,000 units, ranking third.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
