Hungary Secures Gigafactory: Largest Chinese Electric Vehicle Manufacturer BYD to Build

BYD Tang electric car, illustration | photo: BYD

The foray into Europe by the Chinese automaker, BYD, marks an essential stride toward establishing its initial battery and electric vehicle production plant in the continent. While discussions were in full swing, the recent meeting between the Hungarian Prime Minister, Viktor Orbán, and BYD’s president and chairman, Wang Chuan-fu, signified the potential launch of this monumental factory in Hungary. Reports from the German newspaper FAS, with close ties to the company, confirmed that the decision for the plant location is internally confirmed. However, neither party has offered official commentary, leaving enthusiasts and industry observers curious about the unfolding situation.

Hungarian Potential

Hungary, with its strategic geographic location in Central Europe, presents an optimal environment for the forthcoming Gigafactory. The region’s connectivity to markets and the existing infrastructure may have been influential in the decision-making process, signifying a momentous investment by BYD in Hungary. The construction of the Gigafactory will not only bolster Hungary’s automotive industry but also potentially stimulate job creation, fostering an economic boon in the region.

BYD Tang electric car, illustration | photo: BYD

BYD Tang electric car, illustration | photo: BYD

BYD’s Trailblazing Success

BYD’s exceptional trajectory has been a headline in the automotive landscape. Rising to secure a position among the world’s top ten largest car manufacturers, the company’s decision to cease combustion engine car sales hasn’t impeded its upward trajectory. Within the first six months of this year, BYD managed to vend over 1.2 million vehicles, surpassing major industry competitors like BMW, proving the company’s robust momentum.

The record-breaking sales, particularly the milestone of 300,000 vehicles sold within a single month, stand as a testament to the formidable sales figures in BYD’s history. The cumulative sales figure for the year reaching 2.37 million vehicles is a significant marker in the electric vehicle sector. Of this, the sale of 1.2 million electric cars underscores BYD’s substantial influence in the market for green vehicles, while the rest comprises plug-in hybrid cars, further emphasizing the company’s diversified footprint in the electric mobility domain.

The company’s sustained and striking success indicates a promising future for BYD in the European market. With their Gigafactory plans on the horizon, the next few years are anticipated to witness innovative growth and potential advancements in the electric vehicle industry within Hungary and across Europe.

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