Hungarian automotive industry: week 13 2021
Fotó: Facebook/JohnsonElectricGroup
Johnson Electric, a producer of electronic components for the automotive industry, announce to close down manufacturing plant in Ózd, laying off 800 employees as a result. Let’s recap what last week brought in Hungary’s automotive sector. Clicking on the highlighted items will open the full stories.
Johnson Electric have announced to shut down their automotive parts manufacturing unit in Ózd, laying off 800 employees. The layoffs, to be concluded in multiple steps by 2022, will reportedly not affect the company’s activities in Hatvan.
Rába have announced to not pay dividends after fiscal 2020, and keep their profits from last year in retained earnings.
Continental and University of Pannonia are developing an autonomous braking system in a joint R&D project. The project, to be supported from government funds, will be joined by the German technology supplier’s Veszprém and Budapest-based development centres.
Schaeffler Group are targeting carbon neutrality at all their locations by 2030.
A number of new full-electric vehicles are expected to enter Daimler’s portfolio this year. The company is striving to ramp up its electric transition and phase out internal combustion engines before the 2039 target.
AutoWallis are expecting a drastic increase in revenues thanks to their expansion efforts last year. The company reported on losses in fiscal 2020 owing to non-recurring expenditures in business development.
In Q1 2021, the volumes of new and used cars registered in Hungary were nearly equal. In new car registrations, the share of fully-electric and plug-in hybrid vehicles saw a significant year-on-year growth in the first quarter of the year.
In February, Hungarian employment data shows a reduction of 104,000 people compared to the same period the year before, chiefly due to the Covid19 pandemic.
According to the latest forecast by GKI Economic Research Co., Hungary’s GDP is expected to grow by 4.3 percent this year, a 0.6 percent increase compared to the previous projection.
