We may earn a commission from links on this page. In this aerial view the Tesla logo hangs on the facade of a building at the Tesla factory on July 17, 2023 near Gruenheide, Germany. Photo: Sean Gallup (Getty Images) In This Story Tesla isn’t the only EV giant looking to expand its Europe footprint. Tesla’s top rival, Chinese EV-maker BYD, announced plans in December to build a factory in Hungary in the hopes of overtaking Tesla in the region by 2030. But BYD’s Hungary plant would take two to three years to even build the capacity to make 200,000 vehicles annually, the New York Times reported at the time — a good sign for Tesla as it looks to maintain its dominance. 📬 Sign up for the Daily Brief Our free, fast, and fun briefing on the global economy, delivered every weekday morning.