ADVERTISEMENT

Chinaʼs BYD to invest HUF 6.2 bln in Hungary

Automotive

Wikimedia Commons/ Spielvogel

Chinese manufacturer BYD is planning to build a HUF 6.2 billion electric bus manufacturing plant in Hungary’s Komárom, its first in Europe, Minister of Foreign Affairs and Trade Péter Szijjártó announced yesterday, according to reports. The investment is being supported with a HUF 925 million government grant.

(Photo: Wikimedia Commons/ Spielvogel)

Once production starts early next year, as the company expects, annual output would reach 200 buses in the initial phase, Hungarian news agency MTI reported. The investment is predicted to create 300 workplaces in two stages, the Hungarian minister said.

The company decided to establish its assembly plant in Komárom because of its central geographical location, the knowledge and experience of local engineers and government measures that support growth, said BYD Europe Managing Director Isbrand Ho.

ADVERTISEMENT

Digitization, sustainability among characteristics of future... Analysis

Digitization, sustainability among characteristics of future...

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

Magyar Bankholding chairman to serve as CEO as well Appointments

Magyar Bankholding chairman to serve as CEO as well

ITM, capital gov't agree on support for public transport City

ITM, capital gov't agree on support for public transport

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.