Hungary is key to Chinese auto giant BYD's plans to grab market share in Europe

Chinese automotive giant BYD wants to leave its competitors in the European market trailing in the dust.

With a batch of upcoming releases due this year, the eastern European country of Hungary is pivotal to its strategy. It has ambitious plans to capture 10 percent of Europe's Electric Vehicle market by the end of the decade and sees Hungary as its launching pad.

BYD's planned manufacturing facility in Szeged, in southeast Hungary, will mark a significant milestone as the first of its kind in Europe for a Chinese automaker. Meanwhile, Hungary is keen to put itself in the fast lane of electric vehicle (EV) manufacturing.