China's BYD says Hungary factory to start making cars in 3 years

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China's BYD says Hungary factory to start making cars in 3 years

China's BYD says Hungary factory to start making cars in 3 years
by AFP Staff Writers
Paris (AFP) Jan 31, 2024

Chinese carmaker BYD said Wednesday that its future electric car factory in Hungary would start production in three years, making it the first Chinese company to manufacture passenger cars in Europe.

The company said it signed a "preliminary accord" to build the factory in Szeged, in southeast Hungary.

BYD had announced its intention to build the factory in December. The company already builds electric busses in Hungary.

Hungary is set to become the second-biggest maker of car batteries in Europe behind Germany, with Chinese group CATL also planning to open a factory.

But China's electric car exports are causing tensions with the European Union, which last year opened an inquiry into alleged subsidies for Chinese manufacturers.

Hungarian Prime Minister Viktor Orban has encouraged Chinese companies to set up in his country with tax breaks and infrastructure projects.

BYD, which began as a battery maker, overtook Tesla at the end of last year to become the world's largest electric car maker. It plans to build factories elsewhere in Europe and in Brazil.

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