Chinese car manufacturer BYD has signed a strategic cooperation agreement with leading European steel producer voestalpine, according to SMM.
Under the agreement, voestalpine will supply steel products to BYD’s future passenger car plant in Szeged, Hungary.
This partnership is a key step in BYD’s European localization strategy, reinforcing its commitment to building a reliable regional supply chain.
According to BYD Vice President Stella Li, the company’s ambitions in Europe go far beyond selling cars.
“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,” she said.
Since September 2022, BYD has been accelerating its expansion in Europe. In May 2025, the company announced the establishment of a new European headquarters and research and development center in Budapest. By the end of this year, the company expects to have more than 1,000 retail outlets in Europe.
Despite the difficult global economic situation, the voestalpine Group ended the 2024/25 financial year (ended March 31, 2025) with solid financial results. Consolidated revenue amounted to €15.7 billion (-5.6% y/y), EBITDA to €1.3 billion, and net profit after tax reached €179 million.
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