Sunwoda, a Chinese powerhouse in battery production, is taking a significant step into the European market by establishing its inaugural European manufacturing facility in Nyíregyháza, a city in the eastern region of Hungary. With a budget approximating HUF 580 billion (EUR 1.5 billion), the investment is touted as the most substantial of the year, bringing the promise of extensive job creation. Hungary’s Minister of Foreign Affairs and Trade, Péter Szijjártó, attributes this move to the increasing demand for batteries from Europe’s rapidly growing electric vehicle industry. Remarkably, the new plant will uphold high environmental standards, relying on treated wastewater for the majority of its water consumption, and a solar farm for the bulk of its energy requirements. This venture contributes to a notable trend, bringing the total to five out of the world’s top ten electric battery manufacturers now operating in Hungary, cumulatively holding 49.4% of the global market. Amid local opposition, Szijjártó insisted these plants are vital for Hungary’s economic vitality and employment prospects. The Sunwoda project, set to kick off in 2024, underscores the success of Hungary’s policy of fostering ties with the East, with the bulk of foreign investment since 2019 coming from Asia, chiefly China. The new facility is slated to begin operations by the end of 2025, furnishing Europe’s auto industry with lithium-ion energy solutions.
Source: hungarytoday.hu
