The company will set up 70,000sqm of production and warehouse space in the framework of the investment that will finish by the end of 2023.

The investment will create the opportunity to “significantly boost” production volume, while ensuring the company’s competitiveness for the long term, the company said.

Bosch Steering’s Hungarian unit makes hydraulic power steering systems at a base in Eger and electric power steering systems in Maklár.

The two bases turn out over 3 million units a year that are delivered to more than 100 vehicle manufacturers.