South Korean media: BYD will set up European headquarters in Hungary!
On June 3, South Korean media "The Korea Herald" published an article stating that the Chinese BYD, which has surpassed Tesla to become the world's top electric vehicle company, is establishing its European headquarters in Hungary.
Recently, BYD Chairman Wang Chuanfu held a joint press conference with Hungarian Prime Minister Viktor Orban in Budapest, announcing the plan to establish the European headquarters.
Wang Chuanfu said that the new European headquarters will create 2,000 new jobs and will serve three core functions: sales and after-sales service center, vehicle testing, and localized model development.
BYD entered Hungary early on and built an electric bus production factory in Kormálon, Hungary in 2016. Currently, BYD's first European electric vehicle factory is under construction in Szeged, southern Hungary, with an annual capacity of 200,000 vehicles. The factory is expected to begin operations by the end of this year.
If BYD produces electric vehicles locally in Hungary, it will be considered as production within the EU, thereby avoiding Europe's tariff barriers and various trade regulations.
Orban actively encourages Chinese enterprises to enter Hungary and provides various tax incentives and infrastructure support.
BYD surpassed Tesla in electric vehicle deliveries in 2023 and widened the gap last year.
Original source: https://www.toutiao.com/article/1833890675750028/
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