Kravtex-Kühne added a 4,000 sqm production hall at the factory, bringing the total production area to more than 20,000 sqm.
The investment will raise the annual output to 1,000 buses.
Minister of Finance Mihály Varga said the investment was supported by grant money earmarked for developments at big companies.
Kravtex-Kühne board chairman István Krankovics said it had received a HUF 470 million grant from the government. He noted that they have been expanding their Credobus plant continuously since 2008 and this is the third phase of the bus factory investment.
The company said that most of the current investment would be used for acquiring machinery and production will fully ramp up by 2023.
The investment is accompanied by a significant expansion of the painting plant, Krankovics added.
The frames for articulated Econell 18 Next buses will be produced at the production hall, and assembly will be done at the company's other factory in nearby Győr (120 km northwest of Budapest). According to public records, the company had HUF 7.7 bln in net revenue in 2020.
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