“The backbone of the Hungarian economy is the automotive industry. One-third of the country’s production comes from this industry, so it is extremely important that we maintain our flagship role in the new era of the automotive industry, ”said Péter Szijjártó, Minister of Foreign Affairs and Trade, in a press conference at Vitesco Technologies on Thursday.
The production of the Hungarian automotive industry was able to grow by 26 percent in the first four months of this year, which clearly includes the entire Continental Group and Vitesco Technologies, the minister said in a statement.
He said of the latest investment of the German company in Debrecen that it represents a value of HUF 36 billion, as a result of which 450 new jobs will be created in the city of Hajdúság, for which the government will provide HUF 10 and a half billion in support.
“Vitesco Technologies is one of the first plants in Debrecen to start the introduction of a new and globally unique production process for transmission control units. So here we are talking about an absolute high-tech investment. ”
Said the Minister.
He added that the company’s existing production area will increase by nearly 7,000 square meters, enabling Vitesco to produce components for virtually all drive systems, including electric cars and plug-in hybrids.
The Foreign Minister emphasized that Debrecen is an ideal location for modern industrial investments. “In the last 7 years, the government has provided support for 33 large investments in Debrecen – which support is important, of course – but if we didn’t have cities like Debrecen, where the best possible conditions for large investments are provided, government support alone would be worth nothing,” said Péter Szijjártó .
Speaking about German-Hungarian economic cooperation, he emphasized that according to the latest survey of the German-Hungarian Chamber of Industry and Commerce this spring, 88 percent of German companies operating in Hungary thought that if they had to invest again today, they would do so in Hungary.
Vitesco Technologies (VT) is a leading international developer and manufacturer of state-of-the-art powertrain technologies for sustainable mobility. The product range includes electric power transmission systems, electronic control units, sensors and servo equipment, as well as exhaust after-treatment solutions.
In 2020, VT generated sales of € 8 billion and employed more than 40,000 people in about 50 locations worldwide. Vitesco Technologies is headquartered in Regensburg, Germany.
Last year, the sales revenue of Vitesco Technologies Hungary Kft. Was 334 thousand euros. The Debrecen plant, which has been operating since February and is now officially handed over, currently employs about 350 people, but will soon reach 450, said Glória Buka, Vitesco Technologies’ employer branding and communications coordinator in Debrecen.
MTI
