BYD, the world leader in new energy vehicles, announced on Wednesday an agreement with Voestalpine, the global leader in steel and technology, for the supply of rolled steel for the new factory of the Chinese automaker in Hungary.
The agreement was announced in Vienna by BYD’s Executive Vice President, Stella Li, along with Voestalpine’s CEO, Herbert Eibensteiner, making the Austrian company one of the first suppliers for BYD’s first factory in Europe.
The agreement marks an important step in BYD’s localization policy as the brand continues to expand its operations in Europe. By the end of 2025, BYD aims to be present in 29 European countries, with a network of over 1000 dealerships.
Additionally, BYD has recently committed to establishing its new European headquarters in Budapest, along with its first European development center, also in Hungary.
It is worth noting that BYD has had a factory in Hungary since 2016, located in the city of Komarom, which assembles electric buses. Furthermore, the Chinese brand is currently building a new factory in that country that will produce electrified light passenger vehicles intended for the European market, which is expected to be operational by the end of the year.
