Péter Szijjártó highlighted the role of the automotive industry in Hungary's economy. And with several key investments already happening, Hungary will be capable of producing one million cars and one million engines annually there, making it one of the leading actors worldwide in the field of electric battery production. Halms is also working on a second electric vehicle parts plant in Debrecen, in western Hungary.

Solid Automotive Expansion and Industry Backing
In the past 15 years, investments into the automotive sector have driven Hungary’s economic growth. Today, it supports approximately 160,000 jobs and delivers an annual production value of more than €32.5 billion. Domestic policy, and international cooperation—particularly with Chinese companies—has driven that steady growth.

The Hungarian government is a strong backer of Chinese business activity, which has delivered 64 large-scale Chinese investments cumulatively valued at almost HUF 5,500 bln (about €13.75 bln) over the last 15 years. Morocco said the projects had created tens of thousands of jobs and had reinforced cooperation between the two countries.

BYD's Growth and Plans for New Factories
In May, China's electric car manufacturer BYD said it would open its first European electric bus assembly site in the Hungarian capital and create a new research and development center. This €250 million investment is proposed to create 2,000 jobs, and 2,000 highly-skilled engineers in particular.

Work has already begun in the Hungarian city of Szeged in the country’s south, where the steel frame of the forthcoming BYD factory is taking shape.

The plant is expected to be onstream by October and produce electric vehicles for the European market, further sealing Hungary’s position as a critical node in the global automotive supply chain.