Taizhou-based Chinese automotive company Xinzhi was building a plant in Hungary with an investment of 50 billion forints (120 million euros), bne IntelliNews reported.
Xinzhi is one of China’s top 10 largest enterprises in automotive electronics and electrical appliances. With 4,000 employees, the company holds a leading market position in the production of one of the most important basic units of electric motors.
The Chinese automotive giant established strategic partnerships with Valeo, Bosch and Denso. At home, it also co-operates with BYD, Nio, Dongfeng and Geely.
The investment in Hatvan, 60 kilometres north of Budapest, would generate 900 new jobs, said Hungary’s Minister of Foreign Affairs and Trade Péter Szijjártó. Xinzhi would also hire 30 highly qualified engineers for development and research in Hungary, he added.
Earlier, Hungarian officials announced projects worth more than 4 trillion forints.
Xinzhi’s investment further strengthens Hungary’s position in the global market for switching to electric vehicles. Szijjártó stated that his country led the global automotive renewal.
