Chinese EV giant BYD has announced it will set up its European headquarters in Budapest, as Hungary bids to become a leader in electric vehicle production.
CGTN’s Pablo Gutierrez reports.
CGTN’s Pablo Gutierrez reports.
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00:01They've poured the concrete. Steel frames rise like skeletons over the plains of Seget in southern Hungary.
00:08By October, this factory is slated to be up and running, producing electric vehicles not just for Hungary, but for the whole of Europe.
00:17But this isn't just about building cars. It's about BYD, China's largest automaker, putting down roots and raising a flag in the heart of the EU.
00:30Cars of the future will also be manufactured in the country.
00:33That future now includes not just this factory, but something bigger, a European headquarters in Budapest, along with a research and development center.
00:43BYD can consider itself lucky for participating in the economic and social development of Hungary.
00:50The world can be witness of the endless possibilities provided by the Chinese-Hungarian cooperation.
00:56Hungary's car industry took off in the 1990s, when major Western automakers set up factories drawn by the country's skilled workforce and low production costs.
01:08Since then, it's become a key assembly hub.
01:12But analysts say BYD's arrival signals a shift.
01:16Hungary won't just build the future of cars. It will help shape it.
01:21I think it's a necessary step to get more into a country and get more involved in the European market.
01:30Last year, BYD sold 4.2 million cars globally.
01:35Experts say the announcement to base its European headquarters and research and development center here in Budapest will help with the company's plans to grow its share of the European EV market.
01:50BYD's ambitions are sky-high. Analysts say the company aims for half of its sales to come from outside China by 2030.
02:00For the Chinese car maker in Hungary, this might just be the start of something electric.
02:07Pablo Gutierrez, CGTN, Budapest.
02:09A