Péter Szijjártó: spreading the word that the largest Chinese car factory is coming to Hungary

RockedBuzz
By RockedBuzz 4 Min Read

Speaking to ATV after a committee listening to, Minister of Foreign Affairs and Trade Péter Szijjártó mentioned in relation to the presence of the Chinese electrical car producer BYD in Hungary that

I do not even need to remark… we are going to solely announce any funding in Hungary if an settlement is reached

Péter Szijjártó didn’t reveal whether or not there had been any negotiations with BYD to carry their electrical car factory to Szeged, Hungary, as a substitute he mentioned: “I do not need to touch upon the complete factor, as a result of we do not often touch upon such rumours”. Then, if we’ve one thing to announce a few new funding in any space of ​​the nation, we are going to achieve this, he added.

We already wrote about the reality that the Chinese electrical automobile manufacturing big, BYD, would arrange its first European car factory in Hungary. Most just lately, referring to inner sources, the Frankfurter Allgemeine Sonntagszeitung confirmed that the choice is remaining, that the Chinese firm will certainly construct its latest car factory in Hungary. This is the information that Péter Szijjártó didn’t need to touch upon now.

What could be identified about BYD?

BYD is a Chinese firm based in February 1995, which was initially engaged in the manufacturing of Ni-Cd batteries for telephones, and a 12 months later it was already producing lithium-ion batteries. Before 2000, they’d branches in Europe and the USA, and in 2002 their shares have been listed on the Hong Kong inventory change. Also in 2002, BYD acquired the Qinchuan Automobile Company, and a 12 months later, in 2003, it based a subsidiary known as BYD Auto.

By now, the firm is identified for this section of the automotive trade, as BYD has grow to be one in all the world’s largest electrical car producers, however it is really an industrial conglomerate that is energetic in lots of different segments as nicely, for instance the second largest participant in the area of electrical batteries, and cell phones is additionally at the international forefront in its market.

BYD’s aggressive benefit is due to its sturdy R&D competence, diversified product portfolio, sturdy monetary efficiency, strategic partnerships and deal with innovation.

IT IS A BIG ADVANTAGE THAT IT MANUFACTURES ITS OWN BATTERIES AND THE COMPONENTS AND CHIPS ARE SUPPLIED BY BYD ELECTRONIC, SO WE CAN SPEAK OF A VERTICALLY INTEGRATED SUPPLY CHAIN.

This working construction makes it simpler to preserve prices underneath management. Moreover, it is in no way a small participant in battery manufacturing, in accordance to information from SNE Reseach, BYD is the world’s second largest battery producer after CATL, with a market share of practically 16 %.

BYD is already current in a number of areas in Hungary, the firm manufactures electrical buses in Komárom, that are extraordinarily fashionable each in Hungary and in the remainder of Europe. In London public transport, for instance, their share is round 80 %.

Cover picture supply: VCG/VCG through Getty Images

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