FM Péter Szijjártó: Chinese Giant BYD to Establish Its First European Car Factory in Szeged Within a Massive Investment

BYD’s new factory will be one of the most significant investments in the history of the Hungarian economy, creating thousands of new jobs

The minister reported that the company, which this year sold one in every four electric cars globally, is building new factories following its success in the world market and had been seeking a location in Europe for this purpose for a long time. The company's board decided the previous day, after 224 rounds of negotiations with the National Investment Agency, to establish its first factory on the continent in Szeged, which will be the sixth car factory in our country.

The minister noted that BYD, which registered more than 20 trillion forints in revenue until September this year and employs approximately 630,000 people, will not produce batteries but electric cars in Hungary adding that this project will be one of the biggest investments in Hungarian economic history, resulting in the creation of several thousand new jobs. FM Szijjártó also mentioned that the government would provide financial support for the investment, but the extent of this support will be announced only after approval by the European Commission.

Péter Szijjártó stated that this further strengthens the position of the Hungarian economy, the foundations of long-term economic growth, and Hungary's role in the global transition of the electric car industry.

The minister pointed out: "This investment underscores that Hungary plays a leading role in the technological revolution. It's been a long time since Hungary led the way in such a fundamental global technological renewal".

FM Szijjártó also expressed gratitude to his fellow MPs, the leadership of Szeged, and his colleagues at the National Investment Agency for their cooperation.

"In the past 224 rounds of negotiations, we have demonstrated that there is one national economy, and we should all be interested in the success of this national economy, regardless of our political views or the party we belong to."

Péter Szijjártó also emphasized that in recent years, the world has gone through a series of crises, but there was one process that progressed steadily and unbrokenly despite all uncertainties: the transition to electric vehicles in the European and global automotive industry. This is further supported by the fact that the three premium German car brands are already present in Hungary, and Audi, BMW, and Mercedes have also placed a significant part of their electromobility strategy here.

According to Minister Szijjártó, this process will be decisive for the next era of the world economy, and this new industry will determine which countries emerge as winners and losers.

He concluded: "Which country falls into which category will be decided by the ability of countries to attract investments in this new era of the automotive industry".