Hungarian automotive industry: week 25 2021
Fotó: Magyar Suzuki Zrt.
Magyar Suzuki Corporation report on positive financial balance in 2020, Vitesco open new production unit in Debrecen, government supports large businesses. Let’s recap what last week brought in Hungary’s automotive sector. Clicking on the highlighted items will open the full stories.
Magyar Suzuki Corporation released their second 2020 financial results last week. The company closed a successful year despite the pandemic and disrupted production: the car maker managed to avoid losses and continued its efforts in the digitalization of production processes.
Vitesco Technologies have inaugurated their new plant in Debrecen, where 450 jobs will be created by mid-2022 in the production of components for sustainable mobility applications.
Three Hungarian companies have received a total of nearly HUF 2.5 billion in government support, including Videoton Autóelektronika Kft., which will allow the company to introduce advanced automotive components into their production portfolio.
Bosch Power Tools Kft. have expanded their Miskolc hand tool plant with a substantial, HUF 13.9 billion, investment, and introduced the production of advanced battery technologies to supply their own power tool and electric bike divisions.
The Hajdu Group reported on a 50 percent revenue growth at Hajdu Autotechnika Zrt. in the first five months of the year compared to the same period in 2020.
Last week, Škoda announced their strategy to increase the proportion of full-electric models in their European portfolio to at least 50 percent by the start of the next decade. The Czech company added that the current microchip shortage will result in reduced production volumes in the next two weeks.
BMW will not follow Audi’s pace in transitioning to a full-electric portfolio. According to the company’s CEO, phasing out internal combustion engines before 2030 can only hurt manufacturers.
