Factory will be first to be built by a Chinese carmaker in Europe

BYD, China's leading electric automaker, will invest 20 million euros ($22.2 million) to construct a bus assembly plant in Hungary, the first one to be built by a Chinese carmaker in Europe.

The company, a fast growing supplier of pure electric buses to cities across Europe in recent years, said its decision, which will create 300 new jobs, was based on Hungary's engineering excellence and competitive labor costs.