BYD to Establish a European Headquarters in Hungary
BYD, a global leader in electric vehicles, is expanding into Europe in a major way. The Chinese automaker is set to establish a European hub in Hungary, with plans to create 2,000 new jobs! This new hub will be a game-changer for BYD in the EU market.
At a recent press conference alongside Hungarian PM Viktor Orbán, BYD's Chairman, Wang Chuanfu, detailed the hub's primary functions: sales and after-sales service, testing, and local market model development. BYD is no stranger to Hungary, having opened its first European factory in Komárom back in 2016 and starting construction on a second one. Hungary's favorable business climate makes it an attractive choice for BYD, especially compared to other EU nations.
In light of this expansion, reports suggest that BYD aims to sell half of its vehicles overseas by 2030. To remain competitive in the crowded global market, BYD has been opening showrooms around the world, from Australia to Germany. Projections indicate that most of BYD's profits will come from overseas markets in the future.
BYD's decision to set up shop in Hungary is strategically placed, with the hub stationed near the city's transport and industrial hubs. This location enables BYD to tap into Hungary's robust automotive sector, currently the world's second-largest electric vehicle (EV) manufacturing base.
The upcoming hub is slated to house critical roles, including overseeing sales, managing certifications, supporting model localization, and conducting R&D activities. Initial R&D efforts will focus on intelligent driving assistance and next-generation electrification technologies, involving collaborations with local universities and suppliers. These collaborations aim to enhance the new energy vehicle (NEV) value chain.
By establishing this European hub, BYD will create over 1,000 jobs, with some estimates reaching up to 2,000. The hub is expected to stir economic growth in the region, benefiting nearby businesses and suppliers. This move also underscores BYD's commitment to the European market and strengthens its brand presence.
BYD's relationship with Hungary dates back to 2016, when it began manufacturing electric buses there. By the end of 2023, BYD announced plans for a new passenger car production facility in Hungary, marking a deepening engagement with the Hungarian automotive industry.
This new hub falls under BYD's broader global expansion plan, which embraces pragmatic China-Europe cooperation within the Belt and Road Initiative. BYD's strategic move into Europe represents a powerful example of this partnership and underscores Hungary's importance in the global EV supply chain.
- BYD
- Hungary
- Electric Vehicles
- Global Expansion
Sources:[1] NTV.de[2] JKI/RTS[3] Reuters[4] Multiple Hungarian Universities and Local Suppliers (data not specified)
- BYD, the global leader in electric vehicles, is strengthening its brand presence in Europe by establishing a European hub in Hungary, which will focus on sales, after-sales service, testing, and local market model development.
- As part of BYD's global expansion plan, the automaker aims to sell half of its vehicles overseas by 2030, with Hungary playing a strategic role in this endeavor due to its favorable business climate and robust automotive sector, currently the world's second-largest electric vehicle manufacturing base.
- By setting up this European hub in Hungary, BYD is not only reinforcing its commitment to the European market but also creating over 1,000 jobs, with some estimates reaching up to 2,000, stimulating economic growth in the region and benefiting nearby businesses and suppliers.
