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
Israel launched a preemptive strike on Iran early Friday, targeting Iranian nuclear facilities, senior military leaders and research scientists in a major escalation against Tehran.
Israel Defense Forces (IDF) confirmed in a statement that its jets have completed the first-stage attack, notably strikes on dozens of military targets, including nuclear targets in different areas of Iran.
Israeli Prime Minister Benjamin Netanyahu said in a video address that the goal of the ongoing operation is "to strike Iran's nuclear infrastructure, Iran's ballistic missile factories, and Iran's military capabilities," and will continue "for as many days as it takes."
Chief Commander of Iran's Islamic Revolution Guards Corps Hossein Salami and Deputy Army Commander Gholam-Ali Rashid were martyred as a result of the airstrikes, the official news agency IRNA reported.
The Israeli airstrikes also killed two Iranian nuclear scientists, identified as Mohammad-Mehdi Tehranchi and Fereydoun Abbasi, the report said. However, the Iranian side has denied reports that Chief of Staff of the Iranian Armed Forces Mohammad Bagheri was killed in the Israeli airstrikes, according to IRNA. A spokesman for the Iranian Armed Forces said that Israel, with the support of the United States, launched attacks on many places in Iran, including residential areas, and will pay a "heavy price" for this, and await strong response from the Iranian armed forces.
Explosions were reported in Tehran and counties of Natanz, Khondab and Khorramabad, the Iranian state TV reported, adding that multiple casualties, including women and children, were reported in a residential building in Tehran.
Both Israel and Iran closed their airspace following the attack. Israel has declared a nationwide state of emergency.
In a statement, U.S. Secretary of State Marco Rubio denied any U.S. assistance or involvement in the "unilateral" attack, adding that Israel had told Washington that it believed the strikes were necessary for its self-defense.
Earlier on Thursday, U.S. President Donald Trump warned of a possible "massive conflict" in the Middle East, saying that "I don't want them going in" as a new round of Oman-mediated negotiations between the United States and Iran will be held in Muscat Sunday.
"I want to have an agreement with Iran. We're fairly close to an agreement ... As long as I think there is an agreement, I don't want them going in because that would blow it," he told reporters in the White House.
Israel launches preemptive strike on Iran, killing military leaders
