BYD brings European corporate and development centre to Budapest with huge investment

Chinese car manufacturer BYD has announced new domestic investments worth approximately HUF 100 billion, according to a statement made by Péter Szijjártó, Minister of Foreign Affairs and Trade, on 15 May in Budapest. BYD, which is headquartered in China and is currently building its first European car factory in Szeged at a rapid pace, has decided to bring its European corporate headquarters and development centre to Budapest. According to the minister, the government plans to provide HUF 20 billion in support for the giant project.

In a statement, BYD informed that

The new centre will be located in the 11th district of Budapest. This will be the Chinese company's fifth site in Hungary, after the bus factory in Komárom, the facilities in Fót and Páty, and the car manufacturing plant in Szeged.

The first two research projects are already in place

The centre will focus on three main areas: sales and after-sales service, European vehicle licensing and certification, vehicle testing and vehicle and functional design to meet local needs.

According to the information, the R&D activity will start with two specific projects, supported by a significant investment. The first project will focus on the integration of smart technologies into modern mobility, while the second will focus on the development of next generation advanced electromobility technologies.

Two thousand workers, 90 per cent of them with tertiary education, will be expected to work at the centre in Újbuda

The Ministry of Foreign Affairs and Trade has already quoted Péter Szíjjártó on the expected number of workers. "A total of two thousand new jobs will be created in this new European centre and development centre. And 90 percent of these 2,000 jobs will be filled by workers with higher education qualifications, basically engineering degrees," Szijjártó added.

The minister also said that under the strategic agreement signed with the company, the Budapest development centre will employ Hungarian PhD students and researchers, as well as Hungarian students and graduates in dual vocational training.

"At least 50 percent of the patents created here will be registered here in Hungary, and they are committed to working with as many Hungarian companies as possible as suppliers."

- he said.