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.

Nuclear power plants must never be attacked: IAEA chief

The head of the International Atomic Energy Agency (IAEA) said on Saturday that nuclear power plant sites or nearby areas must never be attacked, following a fourth strike near an Iranian nuclear power plant.

The IAEA said on social platform X that, according to the information from Iran, a projectile hit the nearby area of the Bushehr Nuclear Power Plant on Saturday morning. This was the fourth such incident in recent weeks, it said.

One staff member at the site was killed by a projectile fragment, while a building on the site was affected by shockwaves and fragments, the IAEA said, citing the Iranian authorities. There was no increase in radiation levels reported, it added.

IAEA Director General Rafael Grossi expressed his deep concern about the incident, stressing that nuclear power plant sites or nearby areas "must never be attacked." He warned that the auxiliary site buildings may contain vital safety equipment.

Grossi once again stressed the paramount importance of ensuring nuclear safety and security during a conflict, calling for maximum military restraint to avoid the risk of a nuclear accident.

Iran's nuclear facilities have been struck several times since the joint Israeli-U.S. military actions against the Islamic Republic started on Feb. 28.