Chinese EV giant BYD signed a preliminary land sales and purchase agreement with the municipality of Szeged, Hungary for its first passenger EV plant in Europe.
The company said that this marks a new substantial breakthrough in BYD’s localisation process in Europe. At a signing ceremony, Hungarian Minister of Foreign Affairs and Trade, Péter Szijjártó underlined that this will be one of the largest and most important investment projects in Hungary’s history.
After engaging in discussions with the European Commission, the Hungarian government is prepared to offer a grant for BYD’s project. According to the Minister, this initiative will secure a sustained growth trajectory for the Hungarian economy in the long term. Minister Szijjártó emphasised that Hungary backs green energy and the green industry not merely on ideological grounds, but on a practical basis. He highlighted the synergy between environmental protection and enhancing competitiveness.
The city of Szeged has undertaken the transfer of a 300-hectare area and the development of infrastructure, including comprehensive demining, which has been completed by now. Archaeological excavation is currently in progress, and among other things, they will improve the drainage of drinking water and wastewater.
