SMM

BYD, a global leader in new energy vehicles, has marked a significant milestone in its international expansion by signing a land pre-purchase agreement with Szeged, Hungary, to establish its first European passenger car factory. This landmark move, attended by high-profile figures from Hungary and China, signifies one of Hungary's most substantial and crucial investment projects to date, promising to bolster Hungary's economy and reinforce its role in the global shift towards electric vehicles. BYD's strategic venture into European manufacturing not only showcases its commitment to globalizing its operations but also positions it as the first Chinese automotive company to build a passenger car facility within the European Union. This development is set to enhance BYD's competitiveness in Europe through localized production, which will improve cost control, production efficiency, and brand presence. Amidst the surging global new energy vehicle market, BYD's expansion is a clear indication of Chinese automotive enterprises' growing influence and innovation on the international stage, signaling a new era for the global automotive industry's green and low-carbon transition.