Shenzhen Kedali to build EUR 39.4m lithium battery parts plant in Hungary

China’s Shenzhen Kedali Industry will build a 14.1 billion forint (EUR 39.4m) lithium battery parts plant in Gödöllő, on the outskirts of Budapest, Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday.

The government is supporting the investment, which will create 330 jobs, with a 1.27 billion forint grant, Szijjártó said.

He said Shenzhen Kedali had been drawn to Hungary amidst tight international competition for the investment.

China has been the biggest foreign investor in terms of volume in Hungary this year,

he said. So far, Chinese companies have invested more than 5 billion dollars in the country and they employ over 16,000 Hungarians, he added.

Shenzhen Kedali chairman Jianli Li said in a video message that the company, which has seven lithium battery plants in China, aims to serve its business partners on the growing European market from a closer proximity with the Hungarian plant.

Serial production at the plant will begin in Q2 2021, he said.

A second phase of construction will start in 2022, raising the number of production lines to ten by 2024.

László Vécsey, the MP for Gödöllő, said

the government is supporting the construction of a road connecting the site of the plant with the motorway with 500 million forints.

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Source: MTI