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, 22 August 2024→How will BYD's Europe Plant Operate?
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* On December 2023, BYD announced that it will build its first European passenger car factory in Szeged, Hungary. The company pointed out that the Szeged plant will be built in phases and will utilize '''integrated vertical supply chains, most advanced technology and highly automated production process'''<ref>https://www.byd.com/eu/news-list/BYD_to_Build_A_New_Energy_Passenger_Vehicle_Factory_in_Hungary_for_Localised_Production_in_Europe.html</ref>'''.''' | * On December 2023, BYD announced that it will build its first European passenger car factory in Szeged, Hungary. The company pointed out that the Szeged plant will be built in phases and will utilize '''integrated vertical supply chains, most advanced technology and highly automated production process'''<ref>https://www.byd.com/eu/news-list/BYD_to_Build_A_New_Energy_Passenger_Vehicle_Factory_in_Hungary_for_Localised_Production_in_Europe.html</ref>'''.''' | ||
* Bernstein analysts estimate that the Szeged will produce around 200,000 vehicles annually<ref name=":1">https://europe.autonews.com/automakers/byd-make-evs-and-batteries-europe-hungary</ref>. | * Bernstein analysts estimate that the Szeged will produce around 200,000 vehicles annually<ref name=":1">https://europe.autonews.com/automakers/byd-make-evs-and-batteries-europe-hungary</ref>. | ||
* The Szeged plant is set to receive subsidies from the Hungarian government. Hungary's Foreign Minister Peter Szijjarto said the amount of the subsidy will be announced once the EU Commission approves the plant. "This is set to be one of the biggest investments in Hungarian economic history," he said<ref name=":1" />. | * The Szeged plant is '''set to receive subsidies from the Hungarian government'''. Hungary's Foreign Minister Peter Szijjarto said the amount of the subsidy will be announced once the EU Commission approves the plant. "This is set to be one of the biggest investments in Hungarian economic history," he said<ref name=":1" />. | ||
* The Szeged plant has already commenced production and according to Szijjarto , it's worth billions of euros. On Jan 2024, BYD signed a preliminary agreement for the purchase of around 300 hectares of land<ref name=":2">https://bbj.hu/business/industry/automotive/byd-szeged-promises-ecosystem-development-and-a-significant-economic-boost-for-the-area/</ref>. | |||
* BYD plans to complete the construction of the Szeged plant within 3 years. It also plans to start production in late 2025<ref name=":2" />. | |||
* On May 2024, BYD's European director Michael Shu announced that the company is considering building a second plant in Europe in 2025. Michael Shu pointed out that BYD's '''Seagull model which starts in China at less than $10,000 will cost less than $20,000 in Europe.''' He added that they want to become a leading EV manufacturer in Europe by 2030<ref>https://www.reuters.com/business/autos-transportation/byd-will-consider-second-european-plant-2025executive-says-2024-05-09/</ref>. | |||
== References == | == References == | ||