Chinese electric vehicle maker BYD has reportedly decided to decelerate the pace of the scheduled mass production at its €4 billion ($4.64 billion) plant in Szeged, Hungary in 2026, and instead shift some production to another new plant in Turkey where labour costs are lower. The Hungarian factory will roll off only “a few tens of thousands” of vehicles in the first year of operation and continue to operate well below its planned annual capacity of between 150,000 and 300,000 units through 2027, sources familiar with the matter told Reuters. Meanwhile, the automaker will begin operations and ramp up production quickly at its $1 billion plant in Manisa, western Turkey, later this year, with production set to “far exceed” its planned annual capacity of 150,000 units next year, the people said. BYD currently faces a 17% anti-subsidy tariff plus standard 10% import duty for its China-made EV imports to Europe; the cars to be made at its two new plants in Hungary and Turkey will face no tariffs from the European Union. [Reuters]
Related
