Innovation and Technology Minister László Palkovics said the plant could become the "flagship" for rebuilding Hungary's defense industry.
Defence Minister Tibor Benkő said production at the plant, which he called a "symbol of a change of era", would start in 2023.
Rheinmetall chairman Armin Papperger acknowledged the work of the Hungarian government and the plant contractors.
Hungary has placed an order for 218 of the Lynx vehicles.
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