(Yicai Global) April 6 -- The electric bus factory of BYD Co. [SHE:002594; HK:1211] has been formally put into production on April 4 in the northern Hungarian city of Komarom.
It is the first electric bus factory BYD has invested in and established in Europe, the official Xinhua news agency reported yesterday. BYD is expected to invest USD21.35 million (EUR20 million) in total up until 2018 for the Komarom electric bus factory, with its nearly 300 employees. The preliminary product lines are mainly pure electric buses and pure electric sightseeing buses, followed by electric forklifts and other light commercial vehicles, which will be distributed throughout the European continental market.
Peter Szijjarto, Hungary's minister of foreign affairs and trade, indicated in the opening ceremony that BYD's investment in Hungary showed its attractiveness to the innovation industry and its international competitiveness in the automotive field.
On March 23, BYD announced it would invest EUR10 million to establish a second electric bus factory in Europe. Currently, BYD has already developed four electric bus factories in the US, Brazil, Hungary and France. The Shenzhen, Guangdong province-based BYD is one of the world's top electric vehicle producers.