Minister of Foreign Affairs and Trade, Péter Szijjártó said that South Korea’s Samsung SDI, which manufactures electric vehicle batteries, will expand production capacity at its plant in Göd (25 km north of central Budapest), index.hu reports.
The investment amounts to HUF 390 billion and will create 1,200 workplaces. The government will provide a non-refundable grant for the project in proportion to its size and importance, the minister said.
The final amount of the grant cannot be disclosed at the moment as it still needs to be approved by the European Commission, Szijjártó added.
Samsung SDI senior managing director Woo-Chan Kim said the firm has been producing batteries in Hungary since 2016. It is investing more than EUR 1 bln in Hungary and said it remain committed to expanding its local operations.
Samsung SDI has two factories in Asia and just one in Europe, in Göd, index.hu notes.