Hungary Strengthens Role in EV Revolution with Xinzhi's New Factory ,News from Hungary, Latest News Hatvan

Chinese automotive company Xinzhi is investing HUF 50 billion (approximately EUR 121 million) to establish a new plant in Hatvan, located about 60 kilometers east of Budapest. This major development is expected to generate nearly 900 new jobs and further reinforce Hungary’s position in the global shift toward electric vehicle (EV) production, Foreign Affairs and Trade Minister Péter Szijjártó announced on Monday.

In a statement shared with MTI, the minister highlighted that Xinzhi—an industry leader in manufacturing critical components for electric motors—has chosen Hungary as the site for its latest facility. He noted that this decision brings not only a significant manufacturing base but also a high-value research and development unit to the country.

"The electric vehicle industry is still in its early stages, making research and innovation especially vital. Hungary has successfully attracted both new production capacity and a cutting-edge R&D operation, adding substantial value to our innovation ecosystem," Szijjártó said.

He welcomed the investment as positive news for Hatvan, the surrounding region, and the national economy. “This marks a strong start to the year—2025 promises to be a successful one for Hungary,” he added.

Szijjártó also stressed that Europe’s economic competitiveness and security have been waning in recent years. He argued that bolstering the continent’s involvement in the EV transition is essential to reversing that trend. “Hungary stands at the forefront of this transformation, as a leading hub in the global automotive industry’s renewal,” he concluded.