BYD targets global #1 automaker status with new Hungary plant and export push

Chinese electric‑vehicle maker BYD announced a five‑year plan to become the world’s largest automaker. Chairman Wang Chuanfu presented the goal at the company’s annual shareholders meeting in Shenzhen, saying the group will rely on strong export growth and new technology to overtake current leader Toyota.

As part of the strategy, BYD will build its first European factory in Hungary, with production slated to start in the fourth quarter of 2026. The plant is intended to mitigate EU anti‑subsidy tariffs and expand BYD’s market presence across the continent. Exports have risen sharply, with a reported 80 % jump in May and a 65 % increase in the January‑May period, and the company aims to ship 1.5 million vehicles abroad by 2026.

Despite the ambitious plan, BYD’s shares have fallen sharply, losing more than 45 % from their 12‑month high on Hong Kong and Shenzhen exchanges. Achieving the target will require surpassing Toyota, which sold roughly twice as many vehicles in 2025.