Published: December 16 2023
Hungary's automotive industry is receiving significant investments from both East and West. German automotive supplier ZF is investing in its bases in Kecskemét and Debrecen, while South Korean supplier Hanon Systems is making investments in Székesfehérvár, Pécs, and Rétság.
ZF's investment in Kecskemét and Debrecen
ZF Chassis Modules Hungary, a subsidiary of ZF, will be investing 24 billion forints in its bases in Kecskemét and Debrecen. The investment will focus on producing shock absorbers and front and rear axles for electric vehicles. These components will be used in the BMW plant in Debrecen and the Mercedes factory in Kecskemét. The investment will create 313 new jobs, and the Hungarian government is providing 2.4 billion forints in support.
Hanon Systems' investment in Székesfehérvár, Pécs, and Rétság
South Korean automotive supplier Hanon Systems is investing 43 billion forints in its local bases in Székesfehérvár, Pécs, and Rétság. The investment will involve upgrades, capacity expansions, and a training program for a staff of 200. The project will create 250 new jobs, and the Hungarian government is supporting it with 5.7 billion forints. Hanon Systems is one of the largest EV battery makers in the world, and Hungary is attracting significant investments from South Korean companies in the automotive industry.
Hungary's competitiveness in attracting investments
Hungary faced tough competition to attract these investments from ZF and Hanon Systems. The country's favorable business environment and skilled workforce contribute to its attractiveness for foreign investors. Hungary has also become a leading player in the shift to electromobility, positioning itself at the forefront of the automotive industry's transition.
Conclusion
With investments from German automotive supplier ZF and South Korean automotive supplier Hanon Systems, Hungary's automotive industry is gaining momentum. These investments will contribute to the country's growth in the sector and create new job opportunities. Hungary's commitment to electromobility and its ability to attract foreign investments make it a key player in the global automotive industry.
Questions & Answers
=== Which German automotive industry supplier is investing in Hungary? ZF, a German automotive industry supplier, is investing in Hungary.
Where will ZF be making investments in Hungary? ZF will invest in its bases in Kecskemét and Debrecen, Hungary.
What will ZF produce in Hungary? ZF Chassis Modules Hungary will manufacture shock absorbers as well as front and rear axles for electric vehicles.
Which car manufacturers will use ZF's products? The BMW plant in Debrecen and the Mercedes factory in Kecskemet will use the products manufactured by ZF in Hungary.
How much is ZF investing in Hungary? ZF is investing 24 billion forints (EUR 63m) in Hungary.
How many jobs will be created by ZF's investment? ZF's investment will create 313 jobs in Hungary.
Which South Korean automotive industry supplier is investing in Hungary? Hanon Systems, a South Korean automotive industry supplier, is investing in Hungary.
Where will Hanon Systems be making investments in Hungary? Hanon Systems will invest in its bases in Székesfehérvár, Pécs, and Rétság, Hungary.
What will Hanon Systems invest in? Hanon Systems' investment will involve upgrades and capacity expansions.
How much is Hanon Systems investing in Hungary? Hanon Systems is investing 43 billion forints (EUR 113m) in Hungary.
How many jobs will be created by Hanon Systems' investment? Hanon Systems' investment will create 250 jobs in Hungary.
Which country faced competition from Hungary to attract Hanon Systems' investment? Hungary faced "tough competition" to attract Hanon Systems' investment.
How many factories does Hanon Systems have worldwide? Hanon Systems has 53 factories in 21 countries worldwide.
Which country had the largest group of foreign investors in Hungary in 2019 and 2021? South Korea had the largest group of foreign investors in Hungary in 2019 and 2021.
How many of the world's ten biggest EV battery makers are South Korean? Three of the world's ten biggest EV battery makers are South Korean.
How many of those South Korean companies have big plants in Hungary? Two of those South Korean companies have big plants in Hungary.
