Hungarian automotive industry: week 22

Manufacturers

Although Slovakia already claim to be the most likely candidate for the new Tata/Land Rover plant, last week British economic newspaper Financial Times named only one specific location in its report which happens to be in Hungary.

New-gen Land Rover Defender to be produced in Hungary?

The report mentioned a location "somewhere near Győr" and an yet unknown Polish location as possible candidates for the Indian group's new plant, where the manufacturer will produce the new-generation Land Rover Defender.

It was announced last week that the Audi TT, manufactured at the German premium car maker's Győr plant, is now also available with a new, 1.8-litre, 180 bhp engine.

Thomas Geier, plant director at Mercedes-Benz Manufacturing Hungary, said in an interview that the Kecskemét plant has more diverse job offerings than the rivalling Audi plant in Győr. Geier also mentioned the plant's plans regarding electric drivelines and production volumes.

Thomas Geier, plant director at Mercedes-Benz Manufacturing Hungary

After a bankruptcy proceeding, liquidation has started at MÁV Vasjármű Járműjavító és Gyártó Kft. The liquidator said its intention is to keep all 220 jobs and make sure the historic, government-supported and promoted manufacturer and repairer of railway vehicles can stay in business.

Last week, the Esztergom-based Suzuki plant donated a new Vitara to the civil guards of Esztergom.

A number of recalls were announced last week. Honda said in an announcement that vehicles sold in the European market may also be affected by their latest recall.

Suppliers

It was announced last week that Singapore-based automotive supplier Patec will build a new plant in Miskolc.

The announcement came after Péter Szijjártó, Minister of Foreing Affairs and Trade, paying a visit to Singapore, where he held talks on mutual investments.

Service providers

Last week, a new rapid charging station was handed over in Debrecen, Hungary´s second largest city.

New fast charger handed over in Debrecen

Ericsson has announced to open an innovation space at its Budapest-based R&D centre. The "Garage" will provide telecommunications companies, developers, universities and users with a place to meet and cooperate.

Education

SZEnergy Team from Széchenyi István Universiy of Győr took home a bronze medal with their solar-powered electric vehicle from Shell Eco-marathon in Rotterdam.

Altoghether, a record number of six Hungarian teams participated in Shell's international competition of automotive efficiency.

SZenergy win bronze medal in Rotterdam

Nine higher educational institutions and two research bodies took part in the establishment of a research, development and innovation platform, initiated by HungaroControl Zrt with the aim to provide a scientific background for workforce supply and development in air transport.

Economy

London analysts still firmly believe that Hungary's economic growth to exceed 3 percent this year.

In February–April 2015, Hungary's unemployment rate decreased to 7.6 percent, up 0.5 percent y/y and down by 0.2 percent from the previous quarter.

The volume of investments in Hungary’s national economy fell by 4.5% in the first quarter of 2015 compared to the same period of the previous year, reported the Central Statistical Office (KSH) last week. In 2013, the annual growth rate of investments amounted to 23.1 percent, which fell to 1.9 percent in Q4 2014.

In May, the seasonally adjusted GKI-Erste conjuncture index stagnated for the fifth consecutive month, indicating an overall optimistic mood. According to the GKI index, business expectations declined, while customer expectations improved compared to the previous month.

HUF vs. EUR week 22 - porfolio.hu

The forint declined slightly against the euro last week. After falling below 309 against the euro, the Hungarian currency managed to recover slightly by Friday afternoon.