Chinese automaker BYD will invest 32 billion forints ($94 million) to triple the annual capacity of its Komárom facility in northern Hungary to 1,250 electric buses and trucks, alongside a passenger electric vehicle factory under construction in Szeged, Hungary. Hungarian Foreign Minister Péter Szijjarto announced the plan on June 27, adding that the Hungarian government would support the project with a 3.1 billion-forint incentive, Reuters reported. The Chinese EV giant said in May it would locate its European headquarters in Budapest, and its local research and development center will conduct joint scientific research with at least three Hungarian universities. The company hopes to nearly double export sales to 800,000 vehicles this year, while aiming to increase overall sales by 29% to 5.5 million units amid slowing demand at home. [Reuters]
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