Another gigantic car factory to bring a huge investment to Hungary
China’s BYD plans to build a car factory in Hungary. One of the world’s largest electric car manufacturers could decide on the project as early as this year. Production will most likely start for the European market in 2025.
The original plan was for China’s BYD to build a factory in the UK. However, this was cancelled due to Brexit. Now, Hungary seems to be an ideal location for this new car factory, writes vg.hu, based on the Financial Times.
Hungary could be a good choice, as the industry has an established infrastructure. Michael Shu, the company’s European chairman, says the UK is not even in the top 10 countries to build a plant in right now. The continent looks much more favourable, with Hungary, Germany, France, Spain and Poland currently looking the most likely.
BYD has been developing batteries since 1995 and has been gaining ground in the EV (electric vehicle) market in recent years, Pénzcentrum writes.
BYD has been developing batteries since 1995 and has been gaining ground in the EV (electric vehicle) market in recent years. The company operates on the Ford principle: that is, it controls most of its own parts and the production of electronics and battery systems. This is a business model they believe differentiates them from their competitors, who only buy the technology. They call it “vertically integrated”.
The decision is likely to be taken this year. The aim is to start production of the first vehicles as early as 2025.
Source: Világgazdaság, Pénzcentrum, Financial Times