Budapest Emerges as Leader in Electric Car Research and Development Investments

Published: December 19 2023

Budapest is quickly becoming a leader in electric car research and development investments. With the success of attracting electric car manufacturing investments, Hungary now has a great opportunity to attract R&D projects in the sector as well.

Hungary has proven to be a European champion and one of the best in the world when it comes to attracting electric automotive manufacturing. The country is home to the world's second largest electric battery plant, and all three major German premium car brands manufacture in Hungary. The automotive industry in Hungary reached record sales of 12,000 billion forints last year, with the sector growing by 16% in the first ten months.

The second phase of competition in the automotive industry is focused on research and development (R&D) projects. With Hungary's strong foundations in manufacturing and infrastructure developments, as well as improvements in higher education, the country now has a great chance of entering this second phase. The German-owned Schaeffler Savaria is investing 5.2 billion forints in an R&D project at its plant in Szombathely, which will focus on parts for hybrid and pure electric vehicles. This project is supported by the state with 1.3 billion forints and will create one hundred new jobs in engineering.

Budapest is emerging as a leader in electric car research and development investments. With successful ventures in electric car manufacturing and the potential for attracting R&D projects, Hungary is positioning itself as a key player in the automotive industry. The revolutionary transformation of the automotive industry has significant economic impacts globally, and Budapest is on the forefront of this transformation.

Hungary, particularly Budapest, is making significant strides in electric car research and development investments. With successful ventures in electric car manufacturing and the potential for attracting R&D projects, Hungary is solidifying its position as a leader in the automotive industry. The future looks bright as Budapest continues to play a crucial role in the revolutionary transformation of the automotive industry.

What kind of investments has Budapest attracted in the electric car sector? Budapest has attracted electric car manufacturing investments as well as research and development (R&D) projects in the sector.

Which company is investing in R&D for electric vehicles in Hungary? The German-owned Schaeffler Savaria is investing in a HUF 5.2 billion R&D project for parts of hybrid and pure electric vehicles.

Where is the Schaeffler Savaria plant located? The Schaeffler Savaria plant is located in Szombathely, Hungary.

What is the purpose of the R&D project by Schaeffler Savaria? The R&D project is focused on developing parts for hybrid and pure electric vehicles.

How much support is the Hungarian state providing for the R&D project? The Hungarian state is providing 1.3 billion forints in support for the R&D project.

How many new jobs will be created as a result of the R&D project? One hundred new jobs linked to engineering will be created as a result of the R&D project.

What did the minister of foreign affairs and trade say about the automotive industry transformation? The minister of foreign affairs and trade described the transformation of the automotive industry as the "backbone of the European and global economy" and highlighted its revolutionary nature.

What does the second phase of the competition in the automotive industry involve? The second phase of the competition in the automotive industry involves research and development (R&D) projects.

Why does Hungary have a good chance in the second phase of the competition? Hungary has a good chance in the second phase of the competition due to its strong foundations in manufacturing, infrastructure developments, and revamping of higher education.

Where will Schaeffler's R&D units for electric motors be located? Schaeffler's R&D units for electric motors will be located in Szombathely, Hungary.

What percentage of Schaeffler's plant output is for export? 93 percent of Schaeffler's plant output is for export.

What records did Hungary's automotive industry set last year? Hungary's automotive industry set a record with 12,000 billion forints worth of sales, and the sector grew by 16 percent in the first ten months.