SFC Chief Correspondent Shi Shi at Budapest
In the heart of Europe, a new chapter in the EV industry is unfolding. Chinese EV maker BYD made a new announcement in Hungary. It will set up a European headquarter in Hungary. This new headquarter will be the hub for sales and after-sales services, for testing and for developing localized versions of the company's models, and will create more than 1,000 jobs. Why did BYD move its European headquarter from Netherlands to Hungary?
First of all, Guangdong-Hungary trade cooperation is accelerating. In the first three months of this year, the province exported more than eight billion Yuan worth of goods to Hungary. This is the cornerstone of BYD’s decision. Additionally, Hungary has a long history in the auto industry, and is one of the world’s automotive hubs. In Hungary, 91% of automotive products were sold internationally in 2023. Looking ahead, projections suggest that the automotive sector’s share of Hungary’s GDP could rise to 30% by 2030, supported by substantial investments in EV and battery manufacturing. Due to its unique location, Hungary is becoming a gateway for Chinese automakers entering European market.
Europe has become an important part for Chinese auto companies to expand overseas markets. According to Dataforce, Chinese automakers achieved a 78% year-on-year sales growth in Europe during the first quarter of this year, with total sales reaching 148,000 units. Their market share rose from 2.5% to nearly 4.5% compared to the same period last year. S&P Global Mobility also expects BYD to more than double its sales from 83,000 units in 2024 to 186,000 units in 2025, with volumes more than doubling again to just under 400,000 units by 2029 in Europe.
Based on the potential of Europe’s EV market, besides BYD, XPeng, Chery and other Chinese auto brands have made relevant layouts in Europe. Like The Chain Bridge linking Buda and Pest, these Chinese brands are connecting two regions’ auto industries.
Chief Producer: Yu Xiaona
Supervising Producer: Shi Shi
Editor: He Jia, Li Yinong
Reporter: Shi Shi, Li Yinong
Video Editor: Li Qun
New Media Coordination: Ding Qingyun, Zeng Tingfang, Lai Xi, Huang Daxun
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Produced by: Southern Finance Omnimedia Group
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