BYD Brings Another Major Investment to Hungary

Chinese company BYD is bringing another major investment to Hungary, with the world-leading electric vehicle (EV) manufacturer set to construct a new electric bus plant in Komárom, Hungarian Minister for Foreign Affairs and Trade Péter Szijjártó announced on Friday. According to Szijjártó, the new facility will create 620 jobs and represents an investment valued at HUF 32 billion.

The project will include the establishment of a research and development testing laboratory, and the plant’s capacity will triple, enabling the production of up to 1,250 electric buses and trucks annually.

In his remarks at the announcement ceremony, Szijjártó emphasized that BYD is a rapidly expanding company, noting a 40 per cent increase in vehicle sales during the first five months of this year. He commented that Hungary has effectively boarded a ‘fast train that many in Europe are trying to catch’. ‘The expansion of BYD’s operations offers Hungary the chance to remain the European leader in the most modern sector, which is the backbone of the European economy—namely, electric vehicle manufacturing,’ he highlighted.

Szijjártó also recalled that BYD has announced three significant investments in Hungary over the past 18 months. The company began by launching the construction of its first European car factory in Szeged, followed by its decision to relocate its European headquarters and research and development centre to Budapest, and now it is commencing construction of this new bus manufacturing plant in Komárom.

‘We had to compete very hard for all three investments. And for each of them, we were competing with Western European countries. There is, therefore, incredible hypocrisy when Western European politicians talk about the need to distance ourselves from China and dismantle European–Chinese economic cooperation, while, in the background, we are constantly competing with them for these Chinese investments,’ he pointed out.

He further noted that Chinese companies now represent one of Hungary’s largest investor communities, bringing cutting-edge technologies into the country. ‘Over the past ten years, the Hungarian government has supported 64 major Chinese investments. These 64 significant Chinese projects have amounted to a total investment of HUF 5,500 billion here in Hungary, creating 30,000 new jobs,’ he stated.

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