BYD sets up Hungary EV plant, buys Jabil factories
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BYD, now the world’s leading electric car maker, is to build its first European factory in Szeged, Hungary.
BYD has a vertical supply chain, and recently bought two electronics factories in China from its manufacturing partner Jabil, .
The plant in Hungary will be the first of its kind built by a Chinese automotive company in Europe and will have the advanced car production line. The factory will be built in phases with highly automated production processes covering blade battery packs for the lithium ion cells it makes in house..
In its first year, the company has established 230 retailer stores across 19 countries, introduced five new models (HAN, TANG, ATTO 3, SEAL, and DOLPHIN) including hatchbacks, sedans, and SUVs. Three new models are planned to be launched within the next 12 months.
This has seen BYD overtake Tesla in the last three months of 2023 to produce 3m EVs globally.
The $2.2bn acquisition of the two factories in Chengdu and Wuxi by BYD Electronic marks the expansion of the core supply chain for consumer electronics.
- BYD to use blade battery in all its EVs
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- China’s BYD selects ADI’s A2B and SHARC
“This Acquisition will expand the business of smartphone components and mark the beginning of a new cycle of rapid growth. The Acquisition will also ensure long-term sustainable development while creating value for customers and shareholders of the BYD Electronics,” said Wang Nianqiang, CEO of BYD Electronics.
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