FILE - The wheels of an electric car of Chinese car maker BYD is on display at the Essen Motor Show in Essen, Germany, Friday, Dec. 1, 2023. Chinese automaker BYD said Friday, Dec. 22, that it plans to build a new electric vehicle plant in Hungary, its first car factory in Europe, as part of its rapid global expansion.(AP Photo/Martin Meissner, File)
BANGKOK (AP) — Chinese automaker BYD said Friday that it plans to build a new electric vehicle plant in Hungary, its first car factory in Europe, as part of its rapid global expansion.
BYD, based in the southern Chinese city of Shenzhen, said it plans to create thousands of jobs in creating a "local green ecosystem" for manufacturing its electric vehicles. The factory will have an advanced production line and will be built in phases, it said without giving details on the amount of money to be invested.
BYD is among EV manufacturers making fast inroads into Europe, to the extent that European regulators have begun a probe into Chinese government support for the industry. The company, whose name stands for "Build Your Dreams," began direct EV sales in Hungary in October.
The factory is to be based in Szeged in southern Hungary, near the border with Serbia and Romania. The city, Hungary''s third-largest, is a center for education and technology. BYD also has a bus manufacturing facility in Hungary.
BYD has been at the forefront of a wave of Chinese electric car exporters that are leveraging their fast-developing technology and low prices to compete with Western and Japanese brands in their home markets.
BYD has led sales in China this year of so-called new energy vehicles, or EVs and hybrids, as they reached a third of total auto sales in China. BYD sold just over a million EVs in China in January-October, up more than 68% from a year earlier and holds a market share of over 26%, according to the China Passenger Car Association.
Hungary''s foreign minister Péter Szijjártó announced that Chinese carmaker BYD will open the factory, in the latest step for the central European country''s efforts to be a global hub for EV manufacturing.
The plant will be built near the southern city of Szeged, and is expected to provide thousands of jobs to the region, Szijjártó said in a statement posted to his Facebook page.
The project "will be one of the largest investments in Hungarian economic history," he said, adding that the government would provide financial incentives to BYD for building the plant, details of which he said would be released at a later date.
The plant''s construction will "further strengthen the position of the Hungarian economy, further strengthen the foundations of long-term economic growth, and further strengthen Hungary''s position in the global electric automotive transition," Szijjártó said.
In recent years Hungary has sought to become a global hub of lithium-ion battery manufacturing in an era where governments are increasingly seeking to limit greenhouse gas emissions by switching to electric cars.
South Korea''s Samsung, China''s CATL and other companies have already built factories in Hungary, prompting reactions from some locals and environmental groups who worry about the consequences for the environment.
Szeged is situated near Hungary''s border with Serbia, and a rail corridor that Hungary''s government has developed jointly with Beijing as part of China''s "Belt and Road" global trade initiative.
As of March 2023[update], there were 70,000 electric vehicles registered in Hungary, including 38,000 fully electric vehicles.[1] As of 2022[update], 5.5% of new cars sold in Hungary were fully electric, and 4.8% were plug-in hybrid.[2]
As of 2022[update], the Tesla Model 3 was the best-selling electric car in Hungary.[3]
As of September 2022[update], there were 3,579 public charging stations in Hungary.[4]
As of August 2024[update], the Budapest municipal government offers free parking citywide for electric cars.[5]
Initially,[when?] parking for electric cars was free in Debrecen; however, this ended on 1 January 2023.[6] From this date parking is free for local residents only.
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