The Chinese electric vehicle company BYD is to open a European headquarters in Hungary's capital Budapest, announced the Hungarian government together with the company on Thursday.
The headquarters will, among other things, function as a hub for sales and after-sales service, as well as develop European versions of the company's car models.
According to Foreign Minister Peter Szijjarto, the European venture will cost BYD around 250 million euros, corresponding to 2.7 billion kronor, and will create 2,000 jobs.
Hungary's Prime Minister Viktor Orban has for some time been open to closer cooperation with China. As early as 2016, BYD opened its first factory in the country where electric buses are assembled. Another factory is expected to open at the end of 2025 and BYD will then be the first Chinese company to manufacture passenger cars in Europe.
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