Tesla's China Rival BYD Eyes New Production Base In Hungary: Report

BYD Company BYDDY, a Chinese electric vehicle manufacturer, reportedly plans to establish a new energy vehicle production base in Hungary.

This strategic move signifies the company's expanding footprint in the European market and advancing electric vehicle production.

The proposed facility, located in Szeged, southern Hungary, is poised to generate thousands of jobs locally, reported Reuters.

The report noted BYD already operates a plant in Komarom, northwest Hungary. Inaugurated in April 2016, the Komarom facility was BYD's first European factory. 

In November, BYD disclosed a milestone as its 6 millionth new energy vehicle rolled off the production line at the Zhengzhou factory.

Also Read: Warren Buffett-Backed BYD Launches Tesla Model Y Rival: Song L Electric SUV Starting At $27K

Price Action: BYDDY shares traded higher by 0.83% at $52.63 on Friday.

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