BYD partners with voestalpine to source steel for Hungary passenger car plant

Shanghai (Gasgoo)- On June 24 local time, BYD signed a strategic cooperation agreement with leading European steel manufacturer voestalpine in Vienna, Austria, according to a press release from BYD. Under the agreement, voestalpine will supply steel sheets and plates to BYD's upcoming passenger vehicle plant in Szeged, Hungary, becoming one of the factory's first official suppliers.

Photo credit: BYD

The signing ceremony was attended by BYD Executive Vice-President Stella Li and voestalpine CEO Herbert Eibensteiner. The partnership marks a key step in BYD's European localization strategy, reinforcing its commitment to building a robust regional supply chain.

"At BYD, we strongly believe in going both international and local," said Stella Li. "Our ambitions in Europe go far beyond car sales. We hope that within five years, European consumers will regard BYD as a true European manufacturer—and our Hungarian plant is at the heart of that vision. I'm delighted to work with voestalpine, a company with a long legacy of innovation and a firm commitment to decarbonization and sustainability."

The agreement reflects BYD's long-standing strategy of partnering with high-quality, competitive local suppliers to support its goal of manufacturing vehicles in Europe for the European market.

Since September 2022, BYD has been accelerating its European expansion. In May this year, the company announced it would establish a new European headquarters and R&D center in Budapest. By the end of 2025, BYD expects to have over 1,000 retail outlets across Europe.