has entered 19 European countries since announcing its entry into the European passenger car market at the Paris auto show in 2022.

(Image credit: BYD)

BYD (OTCMKTS: BYDDY) entered the passenger car market in Hungary, launching three all-electric models there.

BYD launched three all-electric models, the Dolphin, Seal and Atto 3, in Hungary on October 17, and two stores in the capital Budapest will officially open on October 19, the Chinese new energy vehicle (NEV) maker announced yesterday.

As it does in other markets, BYD is partnering with local dealers to sell cars in Hungary.

Together with local dealers Duna Autó and Wallis Motor Duna Kft, BYD will build an integrated service network covering the whole of Hungary in order to provide a car-buying, car-using and after-sales experience, the company said.

Since announcing its entry into the European passenger car market at the Paris auto show in 2022, BYD has entered 19 European countries.

Hungary is the first Central Eastern European market that BYD has entered, marking another important milestone in the company's expansion of its global footprint, it said.

Hungary is not new to BYD, which built a new energy vehicle plant in Komárom in 2017 to produce electric buses.

"Our deep-rooted experience in Hungary through our established BYD eBus business and the Komárom factory further feeds our excitement," said Michael Shu, managing director of BYD Europe.

BYD introduced three battery electric vehicles (BEVs) -- Atto 3, Han, and Tang -- to the European market on September 28, 2022, marking the beginning of its passenger NEV entry into Europe.

On September 4, BYD presented six models on the first day of the IAA Munich auto show -- the Seal, Song Plus EV, the Atto 3, known in China as the Yuan Plus, the Dolphin, the Han, and the Denza D9 -- and made the Seal officially available in Europe.

In Hungary, BYD will also build a battery plant.

BYD was hiring in Hungary, indicating that construction of its new battery assembly plant there was moving forward, local media outlet Cailian reported on July 13.

Peter Szijjarto, Hungary's Minister of Foreign Affairs and Trade, announced in late June during a visit to Shenzhen, where BYD is headquartered, that the NEV maker will set up a battery assembly plant in the northern Hungarian town of Fót, with an investment of 10 billion forints ($29.8 million), the report noted.

($1 = 335.91 forints)

BYD expects Q3 net profit to rise as much as 69% from Q2