Minister of Foreign Affairs and Trade Péter Szijjártó said the government is providing Nio with HUF 1.7 bln in support for the investment which will create "several hundred" jobs.
The plant could be expanded later to include research and development as well as training activities, he added.
The plant will turn out an annual 240 of shipping container-sized battery pack swapping stations.
By 2025, 4,000 stations are expected to operate worldwide.
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