Chinese automotive company plans EUR 100 million investment Hungary

Chinese automotive industry company Zhejiang Shuanghuan Driveline will set up a HUF 39 billion (EUR 103m) electric vehicle parts plant in Jászfényszaru, in eastern Hungary, Minister of Foreign Affairs and Trade Péter Szijjártó announced at the site on Friday.

The government is supporting the investment, which will create 450 jobs, with HUF 7 billion, Szijjártó said. Production will start in Q1 2024, he added.

Zhejiang Shuanghuan Driveline will become market leader in Europe in the production of gears and shafts for electric motors, he said.

“Here’s another Chinese supplier that will make deliveries to big Western companies, such as Tesla, Volvo and Scania. It is evident from this how silly and potentially harmful European politicians’ talk of the need for decoupling the Chinese and European economies is,” Szijjártó said.

“Cooperating with China isn’t the danger, a lack of cooperation with China is,” he added.

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