Hungarian Investment Promotion Agency

China-based BYD was founded in 1995 as a high-tech industrial company. After more than 28 years of high-speed growth, it evolved into one of the largest players in the electronics, auto, renewable energy and rail transit industries. BYD has also been working on the electrification of urban public transport to reduce global greenhouse gas emissions, embracing the initiative to 'Cool the Earth by 1°C'.

In recent years BYD became an automotive powerhouse. The company sold 2,672,728 cars in the first eleven months of 2023, making it the world’s largest manufacturer of electric and plug-in hybrid cars (jointly also known as new energy vehicles or NEVs).

The newly announced project underscores not only the Hungarian Government’s strategy to be a pioneer of electrification, but it also showcases its successful cooperation with Chinese companies. The electric vehicle segment has immense untapped opportunities as last year in Europe e-car sales were up more than 17% and represented over 20% of new passenger car sales.

Hungary’s ability to attract ever more new stakeholders in the EV value chain paves the way for long term growth in automotive that benefits the country and investors alike. The electric vehicle industry is the true meeting point of the East and the West in Hungary, which is now the European champion of the electric automotive transformation.

Hungary proved to be the perfect location for BYD’s first European e-car manufacturing plant due its business-friendly environment, available and well-developed infrastructure and logistics connections, abundant competitive and skilled workforce and lastly, its dedication to green energy transition.