Chinese automaker BYD plans to open a second European production base in 2025, revealed the company’s European managing director, Michael Shu, on Thursday. Speaking at the FT’s ‘Future of the Car’ conference, Shu charted out BYD’s ambitions to take up the role of the leading electric vehicle company in Europe by 2030. “I am sure we will be the one on the front seat even by 2030,” he highlighted.
In December, BYD presented its plan to build an electric vehicle plant in Hungary, which can be viewed as a milestone in European auto industry by being the first large Chinese automaker doing production on the soil of the Old Continent.
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Shu’s remarks, however, came just at the moment of Chinese President Xi Jinping’s trip to Hungary, which eventually was the last point of his European tour after a five-year-long gap. While the majority of the EU countries find themselves on the opposite side of the fence, Hungary stands out as a unique partner of China not only in Europe but all in the world as well.
The good business atmosphere between Hungary and China has proved concrete in investment projects and can be seen particularly in the planned enterprises of Chinese battery and electric car producer in Hungary.
Hence, a major EV battery manufacturer CATL spawned in China is right on the list of the largest investors in Hungary investing in 7 billion euros. Tesla has declared the construction of a 1500 GWh battery plant in Debrecen. This investment gives another proof that Hungary’s strategic role in the European electric car sector is growing.