Audi Announces HUF 41 Billion Expansion In Hungary

  • 24 Jul 2019 9:35 AM
  • Hungary Matters
Audi Announces HUF 41 Billion Expansion In Hungary
German car maker Audi will spend 41 billion forints (EUR 126m) on expanding its vehicle manufacturing infrastructure, engine development centre and electric motor unit in Hungary, the foreign minister said.

Péter Szijjártó said that Hungary’s government is supporting the investment, which will create 250 jobs, with a 6.4 billion forint grant.

Hungary expects the automotive sector, which saw a 12% growth in production value in January-May, to reach new records, he said.

The country’s economic policy has drawn new investors from the east and the west alike, he added.

Regarding electromobility, Szijjártó noted that sustainability has become a defining factor in European decision making, prompting new areas of economic competition.

The EU’s target to reach carbon neutrality by 2050 is acceptable only if the necessary funding is ensured, the minister said.

Standing on a “pragmatic” ground, Hungary sees both the future of the Earth and European competitiveness as important, he said. It supports an EU environmental policy that “will ruin neither the environment nor the continent’s industry”, he said.

Audi Hungária chairman Achim Heinfling said the investment project will be completed by the end of 2020.

MTI Photo: Koszticsák Szilárd

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Matters

Launched in January 2014, this twice-daily newsletter covers 'everything you need to know about what’s going on in Hungary and beyond', according to its publisher the state media agency MTI. Click the title above for more info, and to subscribe.

Explore More Reports

  • Investment Volume In Hungary Falls After Years Of Expansion

    Investment Volume In Hungary Falls After Years Of Expansion

    • 17 Jul 2020 7:24 AM

    The main reason for the decline in investment volume in the first quarter of the year is not the oft-blamed coronavirus pandemic, but the decrease in utilization of EU funds. The fallback on a yearly basis was somewhat of a surprise for analysts, and the effects of the pandemic are yet to be seen in the next quarter.

  • Hungary's Purchasing Managers Index Plunges To 29.1

    Hungary's Purchasing Managers Index Plunges To 29.1

    • 2 Apr 2020 8:17 AM

    Hungary’s seasonally-adjusted Purchasing Managers Index (PMI) plummeted to 29.1 points in March from 50.3 in February, showing the impact of the coronavirus pandemic, the Hungarian Association of Logistics, Purchasing and Inventory Management (Halpim), which compiles the index, said.

  • Official Expects Hungary-UK Economic Ties To Strengthen Post Brexit

    Official Expects Hungary-UK Economic Ties To Strengthen Post Brexit

    • 5 Feb 2020 9:57 AM

    Brexit has deprived Hungary of one of its allies in the European Union but Hungarian-British economic ties could strengthen even after the UK has left the union, an official of the ministry of foreign affairs and trade said at an event announcing an investment by international payroll company iiPay in Budapest.