Etiqueta: subsidy

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

BYD is set to delay the start of series production at its Hungarian electric car plant, previously planned for the end of 2025, and will also scale back

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.

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.

Company EVP Stella Li pledges to create more than 5,000 jobs in Britain through dealerships by next year

BYD's Dominance and the Fragility of China's EV Ecosystem

The Chinese government has previously said automakers will have to repay subsidies that they have been found to have claimed improperly

The Subsidy Scandal Shaking China's EV Giants: BYD and Chery's Risky Road Ahead

Chinese electric vehicle maker BYD has failed to make a significant impact in the South Korean market six months after its entry. Low consumer trust in Chinese cars and a continuing slowdown in electric vehicle demand are cited as the main reasons for its lackluster performance. According to market tracker Carisyou on July 13, BYD sold 1,337 units ...