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Chinese car manufacturer BYD has announced that it has reached agreement with voestalpine, an Austrian steel and technology group, to supply its new passenger-car factory in Hungary.

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The $4.5 billion factory is expected to produce about 200,000 vehicles a year from late 2025. BYD is building a massive factory in Hungary as it looks to overtake Elon Musk's Tesla in Europe.

Satellite imagery shows how BYD's massive new car plant in Hungary is taking shape. After crushing Tesla in China, the EV giant aims to take advantage of Elon Musk's woes in Europe. The $4.5 ...

The Chinese EV giant is doubling down on Europe by building a major facility in Hungary as it looks to capitalize on Tesla's slumping sales.