BYD's Ambitions in Europe Grow With Plans for Hungary Factory

The Chinese EV giant is targeting a top five market share, and will be adding plug-in hybrids to its full-electric lineup. Both Volkswagen Group and Stellantis have announced their ambitions to dethrone Tesla as Europe’s No. 1 electric vehicle maker. But a new challenger has entered the ring with plans to build a factory in Hungary: BYD, China’s largest brand overall, which has just surpassed Tesla in EV sales for the first time in the fourth quarter of 2023. Read more: