China’s BYD is in final negotiations with the Hungarian government to secure a multibillion-euro investment into a new electric car factory, in a deal that could be announced as early as Friday.
The Chinese group plans to manufacture electric cars and batteries at a new site in Szeged, in the south of the country, according to three people briefed on the plans.
BYD already has a bus facility in Hungary, but the company wants a fully fledged car plant to realise its ambition of dominating the European electric vehicle industry by the end of the decade.
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