Tesla's China Rival BYD Eyes New Production Base In Hungary: Report
Portfolio Pulse from Shivani Kumaresan
BYD Company (OTC:BYDDY), a Chinese electric vehicle manufacturer, is planning to establish a new energy vehicle production base in Szeged, Hungary. This expansion into the European market follows the success of their first European factory in Komarom, Hungary, and the production of their 6 millionth new energy vehicle in Zhengzhou. BYD's stock (BYDDY) saw a 0.83% increase to $52.63 on Friday.
December 22, 2023 | 3:14 pm
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BYD Company plans to open a new production base in Hungary, indicating expansion in the European market and potential for increased market share in the EV sector.
The establishment of a new production base in Hungary is a significant step for BYD's expansion in Europe, which could lead to increased sales and market share in the region. This strategic move is likely to be viewed positively by investors, potentially leading to a short-term increase in BYD's stock price.
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