Production at the JV, 51% owned by the Chinese partner, could start in 2026, on a 30,000 sqm plot purchased next to Neuzer Kerékpár's plant, Neuzer said.
He also said Neuzer Kerékpár is plowing HUF 750 million into its existing base, adding 1,820 sqm of warehouse space along with equipment to make wheels for e-bikes. Neuzer Kerékpár won HUF 300 mln in grant money for the project which will finish in September, he added.
Neuzer Kerékpár turns out close to 80,000 bicycles a year. Last year, it sold 27,300 e-bikes and targets sales of over 40,000 in 2023.
The company exports over half of its output to markets in Belgium, the Netherlands, Germany, Romania, Sweden, Slovakia, and Slovenia. The company, which employs 150, had a revenue of HUF 7.2 bln last year.
Producing journalism that is worthy of the name is a costly business. For over 30 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.
