China EV Giant BYD to Build First Europe Plant in Hungary

China’s electric vehicle leader BYD plans to build its first European car factory in Hungary, German newspaper Frankfurter Allgemeine Sonntagszeitung (FAS) reported on Saturday.

Citing unnamed sources close to BYD, FAS said the carmaker had already made the decision internally.

However, when contacted by Reuters, BYD said it was still looking for the right location and would make an announcement at the end of the year.

A government website in Shenzhen, where BYD is headquartered, posted an article last month saying that Hungarian Prime Minister Viktor Orban met BYD Chairman and President Wang Chuanfu on a visit to the company.

The Hungarian government did not immediately respond to requests for comment.

Reuters, with additional editing by Vishakha Saxena

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Vishakha Saxena

Vishakha Saxena is the Multimedia and Social Media Editor at Asia Financial. She has worked as a digital journalist since 2013, and is an experienced writer and multimedia producer. As a trader and investor, she is keenly interested in new economy, emerging markets and the intersections of finance and society. You can write to her at [email protected]