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Thyssenkrupp postpones investment planned for 2021 at Pécs unit

Germanyʼs thyssenkrupp said it had to review the launch of production of electric motor components at its new production base in Pécs (about 169 km southwest of Budapest), earlier planned for 2021, citing uncertainties in the automotive industry, partly related to the COVID-19 pandemic, according to a report by state news wire MTI.

The company said it decided to postpone the project by 1.5-2 years.

Thyssenkruppʼs long-term commitment is shown by the fact that the company already has plans to increase the area of land it owns at the base, the company said.

The plant will make electric motor parts for manufacturers of hybrid and fully electric vehicles.

Thyssenkrupp currently employs almost 2,200 workers in Hungary. The company announced in October 2019 that it was building a HUF 17.4 billion camshaft plant in Pécs.