Etiqueta: EU

STORY: China's BYD will delay mass production at its new electric vehicle factory in Hungary until 2026 according to sources.And will reportedly run the plant at below capacity for at least the first two years.One source added that at the same time, China's No. 1 automaker will start making cars earlier than expected at a new plant in Turkey where labour costs are lower.Shifting production away from Hungary in favour of Turkey would be a setback for the European Union.It has been hoping that its tariffs on EVs made in China would bring in Chinese investments and well-paid manufacturing jobs.BYD's $4.64 billion plant in southern Hungary, will reportedly start mass production in 2026 but only make a few tens of thousands of vehicles over the whole year.That would be a fraction of the plant's initial production capacity.Meanwhile, one source added BYD's $1 billion plant in western Turkey, will far exceed 150,000 cars in 2027.BYD did not respond to requests for comment.The automaker is building the plant in Hungary to sell cars in Europe tariff free.All the cars it currently sells in Europe are made in China, and subject to EU anti-subsidy tariffs on Chinese-made EV imports.Its total tariff is 27%.

BYD will delay mass production at its Hungarian EV plant until 2026 and will operate the plant below capacity for at least the first 2 years, according to Reuters.

Chinese giant BYD has delayed the start of mass production in its first passenger vehicle plant in Europe to 2026, Reuters reported on Tuesday, citing two sources familiar with the matter.

At the same time, China's No. 1 automaker will start making cars earlier than expected at a new plant in Turkey where labour costs are lower, and will vastly exceed its announced production plans, one of the sources said. Shifting production away from Hungary in favour of Turkey would be a setback for the European Union, which has been hoping that its tariffs on EVs made in China would bring in Chinese investments and well-paid manufacturing jobs.

Chinese giant BYD announced on Monday that its luxury brand Yangwang will be expanding to Europe, becoming the first Chinese automaker to enter the top-tier luxury segment in the continent.

This morning we're looking at Stellantis' multi-billion-dollar 2025 losses, as well as BYD's stagnation.

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