Leading Chinese electric vehicle (EV) manufacturer BYD said on Thursday that it will open its first European business headquarters as well as a new research and development center in Budapest, Hungary.
With an investment of almost 250 million euros, the BYD project will create 2,000 jobs, mostly for university-trained engineers. It also includes strategic partnerships with Hungarian universities and vocational institutions, aiming to link research and development efforts with local talent.
The factory is set to begin operations by October in Szeged, southern Hungary, where steel frames have already risen to form the skeleton of the plant. Once completed, it will produce EVs for the entire continent.
During a joint press conference on Thursday, both sides expressed optimism about their collaboration as BYD established its presence in the heart of the EU.
"The cars of the future will also be manufactured in the country," said Viktor Orban, Prime Minister of Hungary.
"BYD can consider itself lucky for participating in the economic and social development of Hungary. The world can be witness to the endless possibilities provided by the Chinese-Hungarian cooperation," said Wang Chuanfu, CEO of BYD.
Hungary's automobile industry took off in the 1990s when major Western automakers established factories, attracted by the country's skilled workforce and low production costs. Since then, the country has evolved into a key vehicle assembly hub.
However, BYD's arrival signifies a new era -- Hungary will not only manufacture the future of cars but also play a crucial role in shaping it, according to industry insiders.
"I think it's a necessary step [for BYD] to get more into the country and get more involved in the European market," said Tibor Antaloczy, an automotive analyst.
Chinese EV giant to open European headquarters in Budapest
Chinese EV giant to open European headquarters in Budapest
Malaysian Prime Minister Anwar Ibrahim met with Chinese Foreign Minister Wang Yi in Putrajaya, Malaysia, on Friday, with both sides pledging to advance bilateral ties and cooperation.
The meeting was held during Wang's visit to Malaysia for the ASEAN Plus foreign ministers' meetings. Noting that China is a trustworthy friend and partner of Malaysia, Anwar said that fostering friendly relations with China is a shared consensus between the Malaysian government and the people of Malaysia. He added that cooperation across various fields between the two countries has benefited both peoples.
At a time when multilateral mechanisms such as BRICS are gaining strength and countries are striving for independence and development, China plays a leading role, and Malaysia deeply appreciates China's contributions, Anwar said.
For his part, Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said that under the guidance of the two heads of state, bilateral relations have entered their best period in history.
China is a sincere friend of Malaysia and is ready to work with Malaysia to fully implement the important consensus reached by the two leaders and to advance the high-level strategic China-Malaysia community with a shared future, Wang said.
Wang also expressed China's full support for Malaysia's ASEAN chairmanship in 2025 and its greater role in regional and international affairs, adding that China looks forward to making new progress in China-ASEAN cooperation.
Wang said that as developing countries, emerging economies, and key representatives of the Global South, China and Malaysia should join hands to address challenges and pursue common development and revitalization.
The U.S. unilateral imposition of high tariffs is an irresponsible move that runs counter to global cooperation and shared interests, Wang said, adding that China always stands together with the developing countries, remain committed to high-level opening-up, and share the benefits of its enormous market to expand win-win cooperation.
During his visit, Wang also held talks with Malaysian Foreign Minister Mohamad Hasan.
Malaysian PM meets Chinese FM on bilateral relations
