Chinese electric vehicle manufacturer BYD is set to open a European corporate and development center in Budapest, Hungary, in a move that underscores both the company’s international expansion and Hungary’s strategic role in attracting Chinese investment.
The new center, announced by Hungary’s Foreign Minister Peter Szijjarto on Thursday, represents an investment of 100 billion forints (approximately 248 million euros) and is expected to create 2,000 new jobs, with 90% of positions intended for highly educated professionals, primarily engineers.
Speaking at the signing ceremony alongside BYD CEO Wang Chuanfu, Szijjarto described the project as a “qualitative leap” for Hungary’s growing role in the global EV sector. Wang Chuanfu characterized the investment as a further step in the deepening cooperation between China and Hungary.
BYD, which began as a battery manufacturer and became the world’s largest electric vehicle maker in 2024, is already present in Hungary. It is preparing to open its first European passenger car production facility in Szeged by the end of 2025, making it the first Chinese automaker to manufacture electric cars on European soil.
The development aligns with Prime Minister Viktor Orban’s ‘eastern opening’ policy, initiated after his return to power in 2010. Aimed at strengthening ties with China, Russia, and other Asian nations, Orban’s approach has included tax incentives and infrastructure development to attract Chinese firms.
Despite growing EU scrutiny over Chinese EV subsidies, Hungary remains China’s closest ally within the bloc. Last year, Orban hosted Chinese President Xi Jinping during his first European tour since 2019, reinforcing Budapest’s central role in Beijing’s European economic strategy.
