Chinese electric vehicle company BYD announced a $94 million investment in a new factory in Komárom, Hungary. This investment will triple the factory's annual capacity to 1,250 electric buses and trucks.
The Hungarian government, led by Prime Minister Viktor Orbán, will support the project with a grant of 3.1 billion forints. Orbán emphasized the importance of East-West cooperation, stating that they see it as an opportunity.
This expansion is part of BYD's strategy to strengthen its presence in Europe. The company already opened an electric bus factory in Komárom in 2017 and recently relocated its European headquarters to Budapest. BYD is also building an electric vehicle factory near Szeged and plans to establish a research and development center in Budapest.
Chinese investments in Hungary have increased significantly in recent years. Last year, nearly a third of Chinese investments in Europe were directed to Hungary, totaling 5.5 trillion forints ($16 billion) and representing 64 major projects. This collaboration between Hungary and China underscores the commitment of both countries to develop the electric vehicle sector and support the energy transition in Europe.