BYD plans to introduce a budget-friendly electric vehicle to Europe, based on its Seagull model, targeting a price under 20,000 euros ($21,400). Michael Shu, BYD’s European managing director, revealed plans for a possible second assembly plant in Europe by 2025 during the Financial Times’ Future of the Car conference. This move aligns with BYD’s ambition to become a top EV producer in Europe by 2030. These developments coincide with increased Chinese investment in Hungary, highlighted during Chinese President Xi Jinping's visit, reinforcing Hungary's pivotal role in China’s European trade and investment strategy, particularly in EV and battery production.