Hungarian automotive industry: week 32
Last week saw a surge in supplier-related news: the Samvardhana Motherson Group is investing HUF 30 million in Kecskemét, Bosch hands over new development centre and Knorr-Bremse celebrates 20 years of R&D in Hungary. Let´s recap what happened in week 32 in Hungary´s auto industry.
Manufacturers
The operator of the Kecskemét Mercedes-Benz plant registered a HUF 20 billion profit last year, which was all returned to the German parent company Daimler.
Last week, Rába posted increasing export volumes, and the Győr-based manufacturer of vehicle components also reduced its net loan.
Suppliers
India-based Samvardhana Motherson Group will create 400 to 500 new jobs with a HUF 30 billion investment in Kecskemét.
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| Bosch Hungary: automating in the focus |
Bosch have opened their expanded Research and Development Center in Budapest, which is the supplier's second largest automotive development complex in Europe. So far, the group's Hungarian subsidiary has spent HUF 32 billion on the development centre in Budapest.
Last week, Knorr-Bremse Hungary celebrated the 20th anniversary of their R&D activities in Hungary.
Log Valve, a manufacturer of machinery for the oil and gas industries, carried out a HUF 376 million investment to build a new production hall in Lenti, Hungary.
Service providers
The transport company of Central Hungary has renewed local public transport infrastructure and implemented a modern traffic control and passenger information system in Gyöngyös and the surrounding area with a HUF 350 million investment.
In July, Hungarian new car registrations grew 14.4 percent y/y thanks to a surge in corporate sales, reported Datahouse last week.
Education
Last week, we attended the launch of KEFO Motorsport's latest Formula Student racing car. The latest effort of the team from Kecskemét College will race at Formula Student Hungary but will make its debut in Italy later this year.
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| KEFO showcase their new effort for this year's Formula Student series |
Last week, a new training centre was opened in Szekszárd. The facility is the first of a series of training centres with which the government are planning to centralize vocational training in various regions.
Economy
The output of industrial production was up 11.0 percent in June year-on-year, while the work-day adjusted indices showed a 6 percent increase, reported the Central Statistical Office (KSH) last week. The automotive industry continues to be the driver of Hungary's economy. Analysts have an optimistic outlook on the near future.
In May, export in euro terms increased by 2.3 percent, while imports decreased by 0.9 percent year-on-year from the previous year. The surplus on the trade balance amounted to €507 million in May after increasing by €225 million y/y, reported the Hungarian Central Statistical Office.
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| HUF vs. EUR - week 32. Source: portfolio.hu |
Last week, the forint was down to 311 against the EUR from 308 on Monday. In the same period, the recovery of the U.S. dollar slowed down and the Swiss franc also dropped to a five-month low.
