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BYD faces penalties – were there Chinese subsidies for the factory in Hungary?
By the end of 2023, BYD had already announced the construction of a production facility in Szeged. The facility is not to be understood as a direct response to the recent increase in import tariffs on Chinese electric vehicles by the EU, but it could help the manufacturer circumvent these through local production. The start of production is planned for the end of 2025. The production of small and compact cars for the European market is planned, particularly in the segments where import tariffs would cause the greatest competitive disadvantages.
Was there support from China?
In the EU, state aid is subject to strict regulations. These may only be granted if they have been previously approved by the European Commission. The aim of this regulation is to prevent distortions of competition within the internal market. According to a report by the "Financial Times," the Commission is now examining whether the investment by BYD in Hungary was financed by unauthorized Chinese subsidies or if the company benefited from them in some other way. Currently, this is a preliminary investigation to examine initial suspicions. Specific figures regarding possible Chinese support are not known.
Should the suspicion be confirmed, the EU Commission could impose far-reaching measures against BYD. In addition to demanding the repayment of illegal subsidies, capacity reductions or the sale of assets are also conceivable. Furthermore, financial sanctions could be imposed.
Hungary knows nothing
The EU Commission has not yet commented on the investigations, nor has BYD. Only Hungary's European Minister Janos Boka commented on the events and stated that the government in Budapest had not been informed in advance about the investigation.
According to previous reports, BYD plans to invest up to four billion euros in the Hungarian plant. The annual production capacity is expected to be 150,000 vehicles. In addition, 10,000 jobs are mentioned, although it is unclear whether these will exclusively be positions in the plant or also at suppliers and partner companies. Therefore, the development of the investigation could have far-reaching consequences for the Chinese manufacturer and the Hungarian site.
Content automatically translated.
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