BYD's first European factory in Hungary to open in late 2025

China

BYD's first European factory in Hungary to open in late 2025

2025-05-14 20:54 Last Updated At：05-15 14:57

Chinese electric car giant BYD is opening its first European factory in southern Hungary, with plans to roll out both EVs and plug-in hybrid vehicles beginning in the second half of this year.

Szeged, the third largest city of Hungary, is known for its culture and history, but now, people believe the arrival of Chinese EV giant BYD will possibly reshape its future.

"BYD brings something new, adding diversity to this agriculture-focused city. An industry like this has a ripple effect, creating opportunities. It's a big step forward," said Attila Kokuti, president of Szeged Chamber of Commerce.

BYD's multibillion-dollar factory will be the first multinational investment in Szeged, transforming the city into an industrial and economic hub.

Experts say that since the project's announcement in 2024, housing demand has tripled, and property prices have increased by 12 percent over the past year.

"When the factory starts to work, and starts to produce electronic cars, there will be a huge demand from the workforce as well for housing opportunities, and it will also increase the home prices in terms of homes for sale and in terms of homes for rent," said Lazslo Balogh, a chief business expert from ingatlan.com, an online property listings marketplace in Hungary.

Real estate agents in Szged say there are enough homes in this city of 170,000 people to satisfy demand, but they say that could change as more workers move to the city.

Szeged's Chamber of Commerce said BYD's factory could attract suppliers and tech startups, boosting the city's economy.

For real estate agents like Szilvia Dajka, who is helping BYD secure housing for future employees, the transformation of the city into a major business hub is already here.

"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.

BYD's factory is set to open later this year, initially producing 150,000 vehicles annually and creating 3,000-4,000 jobs. In the future, the plant could employ up to 10,000 workers at full capacity.

Russian military holds strategic initiative along entire Russia-Ukraine conflict front: Putin

Russian President Vladimir Putin said on Wednesday that Russia holds the strategic initiative along the entire front lines and the goals of the country's special military operation in Ukraine will be achieved.

"The past year has been an important milestone in fulfilling the tasks of the special military operation," Putin said while addressing an expanded meeting of the Russian Defense Ministry.

Putin underscored that Russia has the capability to accelerate its offensive pace, adding that Russia's task of expanding the security buffer zone will be fulfilled, and the core goals of the operation will be realized.

"This year alone, more than 300 settlements have been liberated, including major cities that the enemy had turned into fortified strongholds equipped with long-term defensive structures," the Russian leader said.

He said that the Russian military currently holds the strategic initiative along the entire Russia-Ukraine conflict front and is defeating Ukrainian forces, including elite Ukrainian units trained in the West.

Russia is currently seeking mutually beneficial and fair cooperation with the United States and European countries, Putin said.

Putin rejected claims portraying Russia as a threat to European nations, saying that such narratives are unfounded and fabricated.

Putin also announced that several submarines and surface ships have been commissioned into the Russian Navy this year, while the "Oreshnik" missile complex will enter combat duty by the end of 2025.