Chinese Automotive Giant Xinzhi Creates Nearly 900 Jobs in Hungary with Massive Investment
Strategic move by Xinzhi to establish a plant enhances Hungary’s position in the global electric vehicle market
In a landmark announcement, Foreign and Trade Minister Péter Szijjártó revealed that the Chinese automotive company Xinzhi intends to invest 50 billion forints (approximately $135 million USD) in the Hungarian city of Hatvan.
This significant investment project is anticipated to create nearly 900 new jobs, solidifying Hungary's strategic role in the global transition to electric vehicle (EV) manufacturing.
The decision by Xinzhi, a leading producer of essential components for electric motors, marks an important milestone in Hungary’s ongoing effort to attract foreign investment in its burgeoning automotive sector.
The company’s investment in Hungary will encompass not only manufacturing but also a robust research and development (R&D) initiative.
This endeavor is expected to employ 30 highly skilled engineers, fostering a high-value knowledge base within the country.
Szijjártó emphasized the critical role of R&D in the nascent stages of the electric vehicle industry, asserting that Hungary’s success in attracting such advanced R&D capabilities underscores its growing reputation as a hub for automotive innovation.
"The electric vehicle industry is still in its early stages of development, so research and development are paramount," he stated.
"Hungary has not only secured substantial new manufacturing capacity but has also attracted high-value innovation activities."
The minister expressed optimism for the future, suggesting that this development is a positive turn both for Hatvan and for the Hungarian economy at large.
"This is good news for Hatvan, for the surrounding area, and for the Hungarian economy," Szijjártó noted.
"The year 2025 is anticipated to be a significant year for the Hungarian economy, commencing on a successful trajectory."
Szijjártó also addressed the broader economic context, observing that Europe’s economic competitiveness and security have faced challenges in recent years.
He urged the continent to capitalize on opportunities within the electric vehicle transition sector, rather than ceding this growth potential to external actors.
He asserted that Hungary leads this transition within Europe, becoming a pivotal player in global automotive innovation.
"Hungary is at the forefront of this process," he concluded.
"It is a bastion and leader of the global automotive renewal."
This development in Hatvan is yet another step in Hungary's broader strategy to integrate into the global electrification trends, drawing international players and positioning itself as an essential player in the future of automotive technology.
This significant investment project is anticipated to create nearly 900 new jobs, solidifying Hungary's strategic role in the global transition to electric vehicle (EV) manufacturing.
The decision by Xinzhi, a leading producer of essential components for electric motors, marks an important milestone in Hungary’s ongoing effort to attract foreign investment in its burgeoning automotive sector.
The company’s investment in Hungary will encompass not only manufacturing but also a robust research and development (R&D) initiative.
This endeavor is expected to employ 30 highly skilled engineers, fostering a high-value knowledge base within the country.
Szijjártó emphasized the critical role of R&D in the nascent stages of the electric vehicle industry, asserting that Hungary’s success in attracting such advanced R&D capabilities underscores its growing reputation as a hub for automotive innovation.
"The electric vehicle industry is still in its early stages of development, so research and development are paramount," he stated.
"Hungary has not only secured substantial new manufacturing capacity but has also attracted high-value innovation activities."
The minister expressed optimism for the future, suggesting that this development is a positive turn both for Hatvan and for the Hungarian economy at large.
"This is good news for Hatvan, for the surrounding area, and for the Hungarian economy," Szijjártó noted.
"The year 2025 is anticipated to be a significant year for the Hungarian economy, commencing on a successful trajectory."
Szijjártó also addressed the broader economic context, observing that Europe’s economic competitiveness and security have faced challenges in recent years.
He urged the continent to capitalize on opportunities within the electric vehicle transition sector, rather than ceding this growth potential to external actors.
He asserted that Hungary leads this transition within Europe, becoming a pivotal player in global automotive innovation.
"Hungary is at the forefront of this process," he concluded.
"It is a bastion and leader of the global automotive renewal."
This development in Hatvan is yet another step in Hungary's broader strategy to integrate into the global electrification trends, drawing international players and positioning itself as an essential player in the future of automotive technology.
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