BYD, one of China’s leading electric vehicle (EV) companies, is making significant strides in Europe by building its first factory in Hungary. This marks a big move for BYD, as it aims to expand its presence in the European market. The new factory is under construction in Szeged, a city in southern Hungary, and is expected to bring new opportunities and excitement to the region. With the first Hungarian-made BYD car set to be completed by the end of 2025, the company is preparing to establish itself as a strong competitor in the European electric car industry.
Progress of the BYD Factory in Hungary
Recently, China’s ambassador to Hungary, Gong Tao, visited the construction site of the BYD factory in Szeged, accompanied by the city’s Mayor, László Botka. During the visit, they observed the construction’s impressive progress and discussed the project’s importance for both Hungary and China. The factory’s main building will be 800 meters long and 200 meters wide, covering an area of 167,000 square meters. According to Mayor Botka, the construction phase has been running smoothly, with each team doing its job efficiently. This progress reflects the dedication and careful planning invested in the project, ensuring that everything is on track for the factory’s completion.
The plant will be the largest building in Szeged and will be equipped with state-of-the-art facilities to support the manufacturing of electric vehicles. This factory not only represents a significant achievement for BYD but also for Hungary, as it brings economic growth and job opportunities to the region. The scale of the factory shows BYD’s commitment to making an impact in the European EV market, with hopes of catering to the increasing demand for environmentally-friendly vehicles in the EU.
Environmental Standards and Regulations
One of the key focuses of the BYD factory is environmental protection. Ambassador Gong assured that the facility would adhere to strict environmental standards and comply with all local and European regulations. This commitment reflects BYD’s mission to support sustainable practices, aligning with Europe’s growing emphasis on green energy and eco-friendly initiatives.
During his visit, Ambassador Gong also highlighted the importance of the “One Belt, One Road” initiative. This initiative is designed to strengthen China’s cooperation with other nations, enhancing trade and economic connections. Hungary was the first EU country to join this project, and the new BYD factory is a testament to the benefits of this collaboration. The factory represents more than just an industrial investment—it’s a symbol of the positive relationship between China and Hungary, built on mutual growth and shared goals.
Expected Date for the First BYD Car in Hungary
A major milestone for BYD and Hungary is set to occur on November 7, 2025, when the factory’s first electric vehicle will roll off the production line. This achievement is only a year away and symbolizes BYD’s steady progress toward establishing itself in Europe. This factory will not only supply eco-friendly vehicles to meet Europe’s rising demand but also help BYD grow its brand in one of the world’s most promising EV markets.
Rising Demand for Electric and Hybrid Cars
BYD’s expansion into Europe comes at a time when demand for electric and hybrid cars is surging. In recent years, European consumers have increasingly chosen electric vehicles (EVs) and hybrid cars as they seek more environmentally-friendly alternatives to traditional fuel-based cars. In 2022 alone, around 44 percent of all cars imported into the European Union were either electric or hybrid vehicles. This is a huge leap from just 8 percent in 2017, showing a growing interest in sustainable transportation options.
The EU’s transition to green transportation aligns perfectly with BYD’s mission, making this expansion a strategic move. As more people embrace EVs in Europe, BYD has a golden opportunity to cater to this demand, offering high-quality electric vehicles designed to suit both local tastes and environmental standards.
BYD’s Impressive Sales Growth
Financially, BYD is also in a strong position. In the third quarter of 2023, the company reported a significant revenue of 201.12 billion yuan (approximately 28.24 billion US dollars). This marks a 24 percent increase compared to the same period the previous year, indicating a solid and growing demand for BYD’s products. Notably, BYD’s earnings even surpassed Tesla’s revenue of 25.18 billion US dollars for the same period, highlighting the company’s rise as a strong competitor in the EV market.
BYD’s success in recent years showcases its dedication to innovation, quality, and meeting customer needs. Its impressive financial performance demonstrates the brand’s potential to succeed globally, making it a promising name in the EV industry not just in China, but now in Europe as well.
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