China's Eve Power to Build HUF 400 bln Battery Plant in Hungary

Automotive

Photo by MTI/Zsolt Czeglédi

China's Eve Power, the ninth-biggest battery maker in the world, will invest around HUF 400 billion in its first plant in Europe, in Debrecen, Minister of Foreign Affairs and Trade Péter Szijjártó announced on Tuesday, according to a report by state news wire MTI.

The state is providing HUF 14 bln in support for the investment which will create around 1,000 jobs, Szijjártó said. He added that German carmaker BMW had asked Eve Power to supply a car plant it is building in Debrecen with next-generation batteries from a local production facility.

Projecting a 10-fold increase in demand for electric vehicles by 2030, Szijjártó said a country that can attract EV battery production investments "gets a long-term guarantee the economy will grow".

"The German-Chinese cooperation taking place here clearly shows how much better connectivity is for the world than forming blocs," he added.

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