Hungary happy to receive more Chinese carmakers – UPDATED

Hungary plays a leading role in the ongoing transformation of the automotive industry in Europe, Péter Szijjártó, the minister of foreign affairs and trade, said after meeting Wang Chuanfu, chairman of Chinese electric vehicle maker BYD, on Saturday.

BYD is among the world’s most successful automakers, having sold more than 274,000 electric vehicles in August alone, Szijjártó said on Facebook, adding that the company was set to produce 3 million vehicles this year. “I hosted the company’s owner and chairman, Wang Chuanfu, in Dunakeszi today, and we reviewed the ongoing global changes in the auto industry,” Szijjártó said. “We clearly established that the changes in the car industry will have the greatest impact on the future development of the European economy, and that Hungary is among the global leaders of this transformation.”

Wang visited Dunakeszi, near Budapest, as part of his ongoing tour of Europe, Szijjártó said, adding that they had reviewed the operations of BYD in Hungary at their meeting. He said Wang had welcomed that electric buses made by BYD could be seen on the roads of more and more Hungarian cities.

Read also:

• September brings extremely expensive diesel prices to Hungary – Read more HERE
• Toll rules to be changed, more toll roads in Hungary

South Korea-Canada JV LG Magna to set up first European plant in N Hungary

The joint venture set up by South Korea’s LG and Canada’s Magna will establish its first plant in Europe in the city of Miskolc, in northern Hungary, the minister of foreign affairs and trade announced on Sunday. LG Magna is investing 20 billion forints (EUR 51.9m) in the plant which will create 200 jobs, Péter Szijjártó said in a video posted on Facebook. The Hungarian government has supported the investment with 6 billion forints, he added. The plant will produce electric car appliances and parts, electric engine components, onboard chargers and invertors, the minister said.