China’s BYD will consider second Europe plant in 2025, executive says

By Thomson Reuters May 9, 2024 | 6:06 AM

LONDON (Reuters) -Chinese automaker BYD will consider building a second assembly plant in Europe in 2025, its European managing director Michael Shu said on Thursday.

Shu said BYD wanted to become a leading electric vehicle maker in Europe by 2030.

“We are confident that we could be in a leading position by 2030,” he told the FT’s Future of the Car conference.

BYD said last December that it would build an EV plant in Hungary, becoming the first major Chinese automaker with a production base in Europe.

BYD’s Shu spoke as Chinese President Xi Jinping visited Hungary on the third and final stop on his first European tour in five years.

Hungary under right-leaning Prime Minister Viktor Orban has become an important trade and investment partner for China, in contrast with some other European Union nations.

Warm political relations have turned into investments as Chinese battery and electric vehicle makers began setting up production in Hungary.

EV battery maker CATL has been among the biggest investors with a 7.3 billion euro ($7.86 billion) battery plant in Debrecen.

(Reporting by Nick Carey; Editing by Tomasz Janowski and Alexander Smith)