BYD has made a decision internally about a plan to set up its first European car factory in Hungary, Frankfurter Allgemeine Sonntagszeitung (FAS) cited anonymous sources close to BYD. The German newspaper said BYD will announce the decision by the end of this year and may establish the plant within two years.

BYD later said it is still looking for the right location and would make relevant announcement by the year end. The Hungarian government didn’t respond to request for comment. However, Reuters found a clue that suggested BYD could have an interest in Hungary as the local government of Shenzhen, where BYD is headquartered, published an article at its website last month. According to the article, Hungarian Prime Minister Viktor Orban met BYD Chairman and CEO Wang Chuanfu. Orban, as the only EU leader who attended China’s Belt and Road Initiative forum n Beijing last month, met with BYD head during his visit to China that month.