Thyssenkrupp postpones investment planned for 2021 at Pécs unit

Recycling

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.

ADVERTISEMENT

Vechicle sales at AutoWallis rocket in Q1 Automotive

Vechicle sales at AutoWallis rocket in Q1

Sándor Csányi re-elected chairman-CEO of OTP Bank Banking

Sándor Csányi re-elected chairman-CEO of OTP Bank

HUF 5 tln earmarked for economic recovery in 2021-22 Government

HUF 5 tln earmarked for economic recovery in 2021-22

Allee preparing for maintaining customer engagement with vir... In Budapest

Allee preparing for maintaining customer engagement with vir...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 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.