BYD plans to have the Hungarian plant, which will produce passenger car models for sale in Europe, up and running within three years.
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It will be BYD's first passenger car factory in Europe and it will produce electric vehicles.
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BYD will build an NEV production facility in the Hungarian city of Szeged, which will be constructed in phases and is expected to create thousands of local jobs.
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BYD plans to build a new factory to produce EVs and batteries in Szeged, southern Hungary, according to the Financial Times.
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BYD has entered 19 European countries since announcing its entry into the European passenger car market at the Paris auto show in 2022.
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If BYD sets up a power battery assembly plant in Hungary, it will give a boost to supplies to Tesla's Berlin factory, local media said.
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