Hungarian automotive industry: week 5
Last week saw a billion-HUF Rába deal, the inauguration of a new Alcoa plant, optimistic prospects in the domestic car market and reports on decreasing unemployment rates.
Manufacturers
L.A.C Holding president-CEO László Horváth and Ionel Ghita, CEO of Romania-based locomotive manufacturer Softronic, signed an agreement on the establishment of a joint venture to manufacture locomotives in Hungary. The initiative will create 250 new jobs.
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Suppliers
Rába signed a HUF 5 billion deal with BM Heros Javító, Gyártó, Szolgáltató és Kereskedelmi Zrt. to supply chassis units for vehicles used in civil protection and disaster management.
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Alcoa Hungary has handed over its new HUF 3 billion wheel manufacturing plant in Székesfehérvár.
This year several automotive suppliers were honoured with the IIASA Shiba Quality Award, established 25 years ago. The awardees include Continental Automotive Hungary, SMR Bt. and Haju Autótechnika.
Last week, Hungary's government signed a strategic partnership agreement with Nemak Győr Kft. The Győr-based company is the Mexico-based group's largest cylinder head manufacturer in Europe.
Robert Bosch Energy and Body Systems Kft. appointed a new CEO last week. Jochen Limberger is now responsible for Bosch Hungary's production of widely-used automotive components.
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| Jochem Limberger, new plant director at Bosch Miskolc |
Service providers
Hungary's new e-toll system has been finalized after an amendment to the regulation became effective on February 1.
Last year, the turnover of the Hungarian agricultural machine market grew by 60 percent to HUF 125 billion, while the global market seems to have halted.
It was reported last week that employment in Hungary grew in 2014. In Q4 2014, the number of unemployed people decreased by 80,000 to 319,000. The unemployment rate in the same period decreased by 2.0 percentage points to 7.1 percent.
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AJH Growth Venture Capital Fund, run by Alliance Jura-Hongrie Venture Capital Fund Management Ltd., has invested HUF 750 million in Győr-based Pannon Tyre Recycling Zrt.
A report published last week says that Hungary's auto market is on the rebound with increasing private sales besides company purchases.
Last week, a Saudi Arabian engineering firm Sherbiny Holdings opened an innovation centre in Gödöllő after investing over HUF 150 million in its Hungarian subsidiary.
The public discousre, initiated by the president of the Hungarian Scientific Academy, continues. According László Palkovics, the government's state secretary responsible for higher education, the regime change in Hungary's higher education has come to an end, and the government's aim is to make use of available financial resources in an effective way to be able to step forward in terms of quality.
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| EUR/HUF exchange rates in week 5 2015 - source: portfolio.hu |
Economy
Due to intensive fluctuations in FX rates several car makers have increased their prices in Hungary and further rises are expected.
