NIO, one of China's major electric vehicle manufacturers, announced that it will make its first overseas investment in Hungary. The facility, which will be built on an area of 10 thousand square meters, will include a battery replacement station, after-sales services, and a training and R&D center. The investment agreement was signed by NIO's Vice President for Europe Zhang Hui and Hungarian Minister of Foreign and Trade Peter Szijjarto at a press conference in Budapest.
Making a speech at the meeting, Peter Szijjarto stated that they supported the investment with 1,7 billion forints ($4,29 million) and said, "The electric automotive revolution is the most stable process of the world economy, so there is a serious competition for investments." Stating that the automotive industry has an important place in the Hungarian economy, Szijjanto said that they attach importance to attracting investments in electric vehicles. Referring to the relationship between Hungary and China, the minister reminded that a total of 20 large Chinese enterprises have invested in Hungary in the last three years.
The new plant will be located in the Biatorbagy district, about 20 kilometers west of Budapest. The facility is expected to be operational in September.