BYD Co., the Chinese electric vehicle leader, has secured an agreement to establish its first European electric vehicle (EV) production facility in Hungary.
According to Bloomberg, the factory, situated in the southern city of Szeged, aims to manufacture EVs and plug-in hybrids specifically tailored for the European market, generating thousands of job opportunities.
This strategic move follows Brussels’ investigation into state subsidies for Chinese EV manufacturers, potentially allowing BYD to navigate any ensuing import tariffs.
