BYD opens first factory in Europe Chinese electric car giant lands in Hungary
Chinese electric car giant BYD will soon open its first European factory in southern Hungary, with plans to produce electric and hybrid vehicles starting in the second half of this year.
Szeged, Hungary's third largest city, is known for its culture and history, but now, people believe the arrival of a Chinese electric vehicle company will reshape its future.
"BYD brings something new, adding diversity to this city focused on agriculture. An industry like this has a ripple effect, creating new opportunities. It's a big step forward," said Attila Kokuti, president of the Szeged Chamber of Commerce.
The BYD factory will be the first multinational investment in Szeged, transforming the city into an industrial and economic hub. Experts say that since the project was announced in 2024, demand for housing has tripled and property prices have risen by 12 percent over the past year.
"When the factory starts operating and producing electronic cars, there will be a huge demand for labor as well as housing opportunities. This will also increase the prices of apartments and rental houses," said Lazslo Balogh, a business expert in Hungary.
Real estate agents in Szged say there are enough homes in this city of 170,000 residents to meet demand, but that could change as more workers head to the city.
The Szeged Chamber of Commerce said the BYD factory could attract suppliers and technology startups, boosting the area's economy.
For real estate agents like Szilvia Dajka, who is helping BYD secure housing for future employees, the city's transformation into a major business hub is starting to happen.
"Currently, contractors are focusing on building traditional apartment buildings in the city. There hasn't been much of a residential building boom, but we expect that to change soon," said Dajka.
The BYD factory will open later this year, initially producing 150,000 vehicles a year and creating 3,000-4,000 jobs. In the future, the plant could employ up to 10,000 workers at full capacity.
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