According to Financial Times, Hungary could become a major centre for the electric car industry in the region. The newspaper published a lengthy article on the steps Hungary has taken to become a centre for electric car production. They predict that Europe’s second largest centre could be established here in the future.
Large battery manufacturers are investing in Debrecen
The Financial Times recalled that earlier CATL, one of the largest Chinese battery manufacturers, announced Hungary’s largest investment in Debrecen. Meanwhile, the South Korean company EcoPro BM is setting up another factory almost next door.
According to the newspaper, with this development Hungary is creating a major centre in its second largest city. The Financial Times wrote that by 2030, Debrecen alone will produce more batteries than any other country in Europe combined, except Germany.
Will the production of electric cars also move to Hungary?
In addition, according to the paper, Hungary is also laying the foundations for the production of electric cars to move to the country. They recalled that after the CATL announcement, BMW also announced an investment of several billion euros in Debrecen related to the production of electric cars. Several other companies with interests in this field have also done the same (more than EUR 10 billion in total, according to the Financial Times). BMW has since announced a new expansion in connection with its own investment, which Péter Szijjártó, Minister of Foreign Affairs and Trade, spoke about last week.
By 2035, Hungary’s electric car production will be huge
The Financial Times also recalled that Samsung is also setting up major battery factories in Hungary. On top of that, Mercedes and Audi are preparing to convert their Hungarian plants to electric car production. 2035 will be the year when it is planned to ban the sale of conventional cars in the European Union. According to the paper, by that time, the Hungarian car industry will be able to produce only electric vehicles.
The Financial Times has also published a forecast. They showed what the volume of production could be once the developments are completed. Based on this, it can be expected that Hungary will be the second largest power in Europe by 2031.
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Source: Financial Times
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