Chinese electric vehicle company BYD Co., Ltd. BYDDY BYDDF reportedly plans to build its first European car factory in Hungary.
The decision was made internally, according to Reuters, citing a news report by German newspaper Frankfurter Allgemeine Sonntagszeitung.
Last month, the Shenzhen government's website reported that, during his visit to the company, Hungarian Prime Minister Viktor Orban held a meeting with Wang Chuanfu, the chairman and president of BYD, at the firm's headquarters in the city, the report said.
BYD told Reuters that it was still looking for the right location in Hungary and would make an announcement at the end of the year.
The company reported earnings for Q3 2023 that beat analyst expectations by a wide margin. BYD said that, for Q3, it made 162 billion RMB ($22.1 billion) in sales, a 38.49% improvement in the same period a year ago, and earned a net profit of 9.7 billion RMB, up 81% over the past year.
During the first nine months of the year, the company made 422.3 billion RMB in sales and 19.3 billion RMB in net profits, up 57.8% and 131% over the same year-ago period respectively.
The company's earnings were in line with guidance issued by the company last week, which said it would make between 3.3 RMB and 4 RMB a share in the third quarter.
Price Action: BYDDY shares were trading lower by 0.09% to $60.28 on Thursday.
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