Feb 02, 2024 04:47 AM

BUSINESS

BYD Signs Preliminary Agreement to Build First European Car Factory in Hungary

By Yu Cong and Denise Jia

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What’s new: Chinese electric vehicle giant BYD Co. Ltd. has signed a preliminary land purchase agreement to build its first European electric passenger car plant in Szeged, Hungary.

BYD didn’t disclose how much it would be spending on the new plant. The Chinese firm has operated an electric bus plant in Hungary since 2016 and has said it invested 20 million euro ($21.7 million) to build the bus factory.

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