Photo/Zhang Jian (NBD)

BYD, the world's largest electric vehicle (EV) maker, signed a land pre-purchase agreement with the city government of Szeged, Hungary, on January 30, 2024.

The signing ceremony was attended by Hungarian Foreign Minister Péter Szijjártó, Szeged Mayor László Botka, Chinese Ambassador to Hungary Gong Tao, and BYD Chairman and CEO Wang Chuanfu. The agreement marks a significant milestone in BYD's localization efforts in Europe.

At the signing ceremony, Szijjártó said, "BYD's decision to build its first European passenger car plant in Hungary is one of the largest and most important investments in Hungary's history. The project will further strengthen Hungary's economic position, consolidate the foundation for long-term economic growth, and strengthen Hungary's position in the global electric vehicle transition. The Hungarian central and local governments will provide all-round support for the BYD vehicle factory project to promote the early commissioning and operation of the project."

According to the reports, BYD's expansion in the European market can be traced back to 1998, when BYD established its first overseas branch in Rotterdam, Netherlands, which mainly engaged in mobile battery and component businesses.

In 2021, BYD officially announced the "passenger car going global" plan, accelerating its expansion in overseas markets. As of now, BYD's cars have been sold to over 70 countries and regions in six continents. It is reported that in the European market, BYD's models are sold in Norway, Germany, the United Kingdom, France, Italy, and Spain.

On January 29, BYD released its 2023 performance forecast, showing that the company expects to achieve a net profit of 29 billion to 31 billion yuan, an increase of 74.46% to 86.49% year-on-year.