Chinese electric vehicle (EV) giant BYD has announced plans to open its European corporate and development center in Budapest, Hungary. The move is expected to generate 2,000 new jobs and is part of the Hungarian government’s broader push to strengthen economic ties with Beijing.
Foreign Minister Péter Szijjártó confirmed the investment on Thursday, May 15th, following a signing ceremony attended by BYD CEO Wang Chuanfu. The new center will be established with an investment of €248 million.
Szijjártó described the investment as a “qualitative leap” for Hungary’s tech and industrial landscape. “In total, 2,000 new jobs will be created … and 90% of these 2,000 jobs will be filled by workers with higher education qualifications, mainly in engineering,” he said.
BYD’s CEO Wang Chuanfu called the development “another step in the friendly cooperation between the two parties.”
Prime Minister Viktor Orbán has made attracting Chinese investment a central element of his “Eastern Opening” foreign policy, offering generous tax incentives and infrastructure support to Chinese firms.The prime minister announced that “Hungary will produce the cars of the future,” since not just the production line of the Chinese EV company is moving to the Southern part of Hungary, but its development department as well, adding high-value jobs. In his press conference, he emphasized: “Our aim is that foreign investors bring not just manufacturing capacity, but also development capacity. First production, then development, then research.”
