Chinese BYD has determined the location for its European factory

Chinese electric vehicle manufacturer BYD has announced that it will establish its first car factory in Europe in Hungary.

In a statement from the company, it was stated that the factory will be established in the city of Szeged in southern Hungary.

The factory will be the first car production facility to be established in Europe by the company, which is the world's largest electric vehicle manufacturer.

Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó stated in a post on his Facebook account that the facility, which will create thousands of new jobs in the region, will be "one of the largest investments in Hungary's economic history."

STANDS OUT WITH FOREIGN INVESTMENTS

Noting that the government will provide financial incentives to BYD for the establishment of the factory, Szijjártó emphasized that the investment in question "will strengthen Hungary's position in the global electric automotive transformation."

Hungary has stood out in recent years with the foreign investments it has attracted to the country for the manufacturing of lithium-ion batteries used in electric vehicles.

South Korean Samsung, Chinese CATL, and other international battery manufacturers are establishing production facilities in Hungary. CATL's 100 gigawatt-hour capacity battery factory in the city of Debrecen is the largest of these.

Chinese electric vehicle manufacturer BYD had established an electric truck factory in the city of Komárom, Hungary, in 2017.

News Source: AA