The Chinese EV giant is to open its largest European plant in the southern Hungarian city of Szeged. CGTN's Pablo Gutierrez finds out what it means for the locals.
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00:00Szeged, Hungary is known for its culture and history, but now the arrival of Chinese EV giant BYD is rewriting its future.
00:10BYD brings something new, adding diversity to this agriculture-focused city.
00:16Industry like this has a ripple effect, creating opportunities. It's a big step forward.
00:22BYD's multi-billion dollar factory will be the first multinational investment in Szeged, transforming the city into an industrial and economic hub.
00:31Experts say that since the project's announcement in 2024, housing demand has tripled and property prices have increased by 12% over the past year.
00:42When the factory starts to work and starts to produce electronic cars, there will be a huge demand from the workforce as well for housing opportunities.
00:53And it will also increase the home's price in terms of homes for sale and in terms of homes for rent.
01:01Real estate agents in this city of 170,000 people say there are enough rental homes to satisfy the current demand.
01:10But that could change as more workers move to the city.
01:14The BYD factory is set to open later on this year, initially producing about 150,000 vehicles annually and employing between 3,000 to 4,000 people.
01:26In the future, it could employ up to 10,000 workers.
01:31Szeged's Chamber of Commerce says BYD's factories could attract suppliers and tech startups, boosting the city's economy.
01:38For real estate agents like Silvia Dajka, who is helping BYD secure housing for future employees, the transformation of the city into a major business hub is already here.
01:50Currently, contractors are focusing on building traditional apartment buildings in the city.
01:57There hasn't been much of a residential building boom, but we expect that to change soon.
02:03From creating jobs to driving investment and reshaping its future, experts say BYD's factory has put Szeged on the map.
02:11The city's journey as an economic hub is just getting started.
02:16Pablo Gutierrez, CGTN, Szeged, Hungary.