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BYD will reportedly build its first European factory in Hungary

Chinese electric vehicle giant BYD plans to build its first European car factory in Hungary, a German
newspaper reported, as quoted by Reuters, Saturday (4/11).

The Frankfurter Allgemeine Sonntagszeitung (FAS), citing unnamed sources close to BYD, said the
decision had been made internally.

A government website in Shenzhen, where BYD is headquartered, ran an article last month saying
that Hungarian Prime Minister Viktor Orban met with BYD Chairman Wang Chuanfu during a visit to
the company

BYD, contacted by Reuters, said it was still looking for the right location and would announce it at the
end of the year.The Hungarian government did not immediately respond to a request for comment.
Hungarian automotive expert Zsolt Csikos, told Xinhua, Friday (20/10), that the entry of high-quality
Chinese cars into the European market has made several European businesses face increasingly
fierce competition.

However, in the long term, these changes could benefit the European economy.
He said as Chinese car manufacturers increase their presence in Europe, their products will become
European cars, and also generate profits for European society.

Like Japanese and South Korean automakers, Chinese companies will set up factories in Europe,
contribute to the local economy and produce European cars, said Csikos, who is also a well-known
automotive journalist in Hungary.

Source : Antara