BYD's ambitious $4.5 billion electric vehicle factory project in Hungary marks its strategic expansion into the European market, aiming to produce approximately 200,000 vehicles annually by late 2025. The project, based on a 300-hectare site near Szeged, has gained momentum since construction began last year. This initiative comes as BYD seeks to leverage Tesla's recent struggles in Europe, where sales have plummeted by 37% due to political controversies linked to Elon Musk. BYD's success in China has now paved the way for its growth in overseas markets.
BYD's new factory in Hungary, supported by a $4.5 billion investment, aims to produce 200,000 vehicles annually, positioning the company to challenge Tesla in Europe.
After achieving success in China, BYD is strategically expanding in Europe to counteract Tesla's difficulties, exemplified by a sharp decline in Tesla's sales amid political controversies.
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