BYD (HKG:1211, SHE:002594) plans to set up a European center in Hungary, Reuters reported May 16, citing the Chinese electric vehicle maker's chief executive officer and president, Wang Chuanfu, during a press conference.

The planned center will have hubs for testing, for sales and after-sales services, and developing models for the domestic market, Wang said in the press conference with Hungarian Prime Minister Viktor Orban, the report said.

BYD is currently constructing an electric vehicle in Hungary. The company already built its first European plant in the country for electric buses in 2016, the report said.

Both Hong Kong and Shenzhen shares of BYD slipped over 1% in recent trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)