Chinese Electric Vehicle Giant BYD to Build Its First European Factory in Hungary

BYD's move to establish its first European factory follows a quarter wherein the company's sales and net profit saw an significant increase of 38.49% and 81% respectively; the exact location in Hungary yet to be confirmed.

• BYD Co., Ltd., a leading Chinese electric vehicle company, plans to build its first European car factory in Hungary. The decision has been made internally, according to Reuters.
• Hungarian Prime Minister Viktor Orban had a meeting with Wang Chuanfu, the chairman and president of BYD, at the company's headquarters in Shenzhen, China. However, an exact location in Hungary for the plant is still being sought by BYD.
• The company's move to establish its European factory comes after a successful Q3 2023 where the company's sales and net profit saw an increase of 38.49% and 81% respectively.
• BYD's total earnings for the first nine months of 2023 included 422.3 billion RMB in sales and 19.3 billion RMB in net profits, representing growth of 57.8% and 131% respectively over the same period in the previous year.
• BYD has stated that it will make an official announcement about the location of its Hungarian facility by the end of the year.

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