BYD is set to open its first car factory in Europe
BYD officially announced the establishment of its first European factory for the production of both their electric and hybrid vehicles in Szeged, Hungary.
The European Factory is planned to be built in separate phases, with the hiring of a large number of employees and a production capacity of over 100,000 vehicles per year. It is expected that it would take approximately two years to build and complete the entire factory. This factory will then be the first Chinese-owned car factory in Europe, as other car companies have previously only imported cars from China for sale in Europe.
Michael Shu, CEO of BYD Europe, had announced that BYD aims to have a 10 percent market share in Europe by 2030, and wants to become the largest electric-vehicle retailer in the continent. Let us wait and see to see if BYD will be successful!
Resource: grandprix
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