Trygve Finkelsen
BYD Company Limited (OTCPK:BYDDF) pushed higher in Friday trading after announcing that it plans to build its first European automobile manufacturing plant in Szeged, Hungary. The plant is expected to have capacity of around 200K vehicles. BYD (OTCPK:BYDDF) already has a presence in Hungary, with an electric bus plant in Komarom/
Hungary Foreign Minister Péter Szijjártó said the project will be one of the largest investments in Hungarian economic history. Of note, Hungary is becoming a mini-EV hub and has received an estimated €20B of EV-related investments over the past five years, including a €7.3B battery plant China’s Contemporary Amperex Technology Co. Ltd. BYD already produces electric buses in the Hungarian city of Komarom.
Bernstein said BYD (OTCPK:BYDDF) development is the first step towards a serious competitive entry into Europe by the Chinese EV juggernaut, and will start the clock on a two-year to three-year timeline for production. “BYD is stepping up its overseas expansion as its domestic market share sees a peak,” noted analyst Daniel Roeska.
BYD Company (OTCPK:BYDDF) also received some positive attention from Barron’s on Friday, which called it a better electric vehicle stock bet than Tesla (TSLA) for 2024.
Shares of BYD rose 1.35% in late morning trading on Friday.
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Image and article originally from seekingalpha.com. Read the original article here.