News Net Nebraska

Complete News World

Hungary wants to become the European center for battery production

Hungary wants to become the European center for battery production

Hungary is planning $2 billion in infrastructure investments in its second phase, in a bid to become one of Europe's main battery and electric vehicle manufacturing hubs.

Hungary will invest 700 billion Hungarian forints, or about $2 billion, to improve road and transportation infrastructure, and water and waste management in and around Debrecen, the country's second-largest city after the capital, Budapest, Hungarian Housing Minister János Lazar said during a press conference on Debrecen. Tuesday, according to reports Da Bloomberg.

The Hungarian minister added that the infrastructure investments will be in addition to direct support for companies with factories in the region, including BMW and Contemporary Amperex Technology Co. Limited (CATL).

In 2022, CATL He announced It will invest $8.1 billion (7.34 billion euros) to build a 100 GWh battery factory in Debrecen, which is CATL's second battery factory in Europe after a production plant in Germany. The CATL project involved the supply of cells and modules to European car manufacturers.

For its part, the BMW Group said: Announce In 2022, a high-voltage battery pack for NEUE KLASSE vehicles will be built at its site in Debrecen in Hungary.

BMW plans to create more than 500 additional jobs and invest more than $2.2 billion (€2 billion) in building and commissioning the entire plant by the end of 2025.

Hungary is also attracting electric car manufacturers from outside the European Union. BYD, China's leading electric vehicle manufacturer, He announced Last month it said it would build its first European manufacturing plant in Hungary. Hungarian Foreign Minister Peter Szijjártó said the plant will be built near the southern city of Szeged, and is expected to create thousands of jobs.

See also  Energy production from automobile movement? Yes she can

The minister said that the factory “will be one of the largest investments in the history of the Hungarian economy,” stressing that the Hungarian government will provide financial incentives to BYD to build the factory. Ultimately, Hungary is the European country with the most consistent vision of the potential for electrification of mobility, and is therefore investing to be at the forefront in building a key component of this solution: batteries.


cable
Thanks to our Telegram channel, you can stay up to date with new economic scenario articles.

⇒ Register immediately


Minds