Hungary Investigates BYD Deal Following Ex-minister's Job Switch

WHO:

AP - Hungary’s government, Chinese automaker BYD, former foreign minister Péter Szijjártó, Prime Minister Péter Magyar, former Prime Minister Viktor Orbán.

AP - Sergey Lavrov, Russian Foreign Minister.

WHAT:

AP - Hungary’s government announced an investigation into a large foreign investment by BYD.

AP - Szijjártó resigned from Parliament to take an executive position at BYD.

AP - Szijjártó facilitated substantial government subsidies to BYD while in office.

AP - The investigation will examine all decisions, negotiations, and state commitments related to the BYD investment.

AP - BYD received 20 billion forints ($63.7 million) in government assistance for its European headquarters and research and development center in Budapest.

WHERE:

AP - Budapest, Hungary.

AP - BYD's first European factory is located in Hungary.

WHEN:

AP - Szijjártó announced BYD would open its first European factory in Hungary in 2023.

AP - Szijjártó announced BYD would locate its European headquarters and a research and development center in Budapest in 2025.

AP - Szijjártó resigned from Parliament last week.

WHY:

AP - The investigation was prompted by accusations of a conflict of interest due to Szijjártó's new position at BYD after facilitating government support for the company.

AP - The Orbán government aimed to make Hungary a global hub of lithium-ion battery manufacturing by attracting Chinese manufacturers.

HOW:

AP - The investigation will look into subsidies, tax breaks, permits, environmental exemptions, and publicly-funded investments given to multinational firms during Orbán’s tenure.

AP - Szijjártó was instrumental in securing foreign investments from Chinese companies while serving in government.

(UPDATED July 20, 2026 17:29 UTC)

Hungary's government has launched an investigation into a significant foreign investment by Chinese automaker BYD, following the resignation of former foreign minister Péter Szijjártó, who took an executive role at the company after facilitating substantial government subsidies. The inquiry will scrutinize all decisions and commitments related to BYD's investment, which includes 20 billion forints, or about $63.7 million, in government assistance for its European headquarters and research center in Budapest. This investigation comes amid concerns over potential conflicts of interest, as Szijjártó played a key role in attracting Chinese manufacturers to Hungary, aiming to position the country as a global hub for lithium-ion battery production.