By Adria Calatayud


Chinese carmaker BYD plans to build an electric-vehicle plant in Hungary, setting up its first manufacturing site in Europe as the Chinese rival to Tesla seeks to expand beyond its home market.

The company--backed by Warren Buffett's Berkshire Hathaway--said on a social-media post on Friday that it hopes the move will accelerate the pace of its entry into the European EV market and broaden its global footprint.

The company didn't detail the size of its investment or when production is expected to start, but said the plant will be constructed in phases and is expected to create thousands of local jobs.

Hungarian Foreign Minister Peter Szijjarto said BYD's plant, to be located in the southern city of Szeged, will be one of the biggest investments in the country's history. The Hungarian government plans to provide financial aid, but the size of its support will be disclosed only after approval by European Union authorities, he said.


Write to Adria Calatayud at adria.calatayud@dowjones.com


(END) Dow Jones Newswires

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