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Chervon Auto to set up HUF 17.5 bln car parts plant in Hungary

Chinese-owned Chervon Auto will set up a HUF 17.5 billion car parts plant in Miskolc (148 km northeast of Budapest), Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday, according to a press release sent to the Budapest Business Journal.

The government is supporting the investment, which will create 138 jobs, with a HUF 5.3 bln grant, Szijjártó said.

The plant will turn out 2 million parts a year, for combustion engine and electric vehicles.

The 26,000 sqm plant will be Chervon Autoʼs first outside of China, Szijjártó said. The investment will further strengthen cooperation between Hungary and China, he added.