Published: November 20 2023
Zhejiang Shuanghuan Driveline, a Chinese automotive company, has announced a HUF 39 billion investment in Jászfényszaru, Hungary, creating 450 new jobs. The company will manufacture components for electric cars and plans to build a new factory hall.
Zhejiang Shuanghuan Driveline's Market Leadership
Zhejiang Shuanghuan Driveline aims to become the market leader in Europe for the production of gears and axles for electric car engines. The company is currently engaged in research, development, design, and manufacture of mechanical transmission gears.
Hungarian-Chinese Economic Cooperation
Hungary and China have been experiencing increasing economic cooperation, with new records being set year after year. The Hungarian government emphasizes the importance of strengthening cooperation between East and West for economic success.
Hungary's Competitive Investment Promotion System
Hungary boasts the most competitive investment promotion system in Europe. The government is committed to resisting external pressure and maintaining control over investment decisions in the country.
The Shift to Electric Cars in Europe
Following decisions by the European Union, only electric cars will be allowed on the continent from 2035. This has sparked an industrial and investment race to determine which countries will be the leaders in the electric car sector. Hungary is considering the future of its car industry in light of this transition.
Questions & Answers
What is the investment made by Zhejiang Shuanghuan Driveline in Budapest? Zhejiang Shuanghuan Driveline, a Chinese automotive company, has made a HUF 39 billion (EUR 103 million) investment in Jászfényszaru, Budapest.
How many new jobs will be created as a result of this investment? This investment will create 450 new jobs in Jászfényszaru, Budapest.
What will Zhejiang Shuanghuan Driveline manufacture in Budapest? Zhejiang Shuanghuan Driveline will start manufacturing components for electric cars in Budapest.
Will a new factory hall be constructed as part of this investment? Yes, the construction of a new factory hall is planned as part of this investment.
What is the goal of Zhejiang Shuanghuan Driveline in Europe? Zhejiang Shuanghuan Driveline aims to become the market leader in Europe in the production of gears and axles for electric car engines.
Which companies will Zhejiang Shuanghuan Driveline supply? Zhejiang Shuanghuan Driveline will supply big Western companies such as Tesla, Volvo, and Scania.
What does the Minister of Foreign Affairs and Trade say about the cooperation between East and West? The Minister emphasizes the need to strengthen cooperation between East and West and highlights the records of Hungarian-Chinese economic cooperation being broken year after year.
What does the Hungarian government say about external pressure on investments? The Hungarian government asserts that it will resist any external pressure and will not accept anyone from outside dictating what investments can or cannot come to Hungary.
What is the European Union's policy regarding electric cars? From 2035, only electric cars will be allowed on the continent according to the political decisions of the European Union.
What impact does this policy have on the European economy? This policy has led to a fierce industrial and investment race that will determine which countries will be the champions of a revolutionary transformation of the sector.
What is the concern from a Hungarian perspective? Hungary is concerned about whether it will still have a car industry in ten years' time.