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Chinese Company Eve Energy to Invest $1.18 Billion in EV Battery Factory in Hungary

Hungary’s Minister of Foreign Affairs and Trade has announced that Chinese company Eve Energy plans to build an electric vehicle (EV) battery factory in Hungary. The factory will be located in the city and is expected to create over 1,000 jobs.

Eve Energy, which is the ninth-largest battery production company in the world, will invest $1.18 billion in the project. This move is part of the company’s plan to expand its presence in Europe and strengthen its position in the global EV battery market.

The new factory will be a significant addition to Hungary’s growing EV industry, which has been attracting more foreign investment in recent years. The country’s strategic location in central Europe, as well as its skilled workforce and favorable investment environment, have made it an attractive destination for companies looking to set up their EV manufacturing operations.

In addition to Eve Energy’s investment, another Chinese battery company, Contemporary Amperex Technology (CATL), has chosen Debrecen, Hungary, as the site for its new battery factory. The project will involve an investment of $8 billion and is expected to create thousands of new jobs.

Hungary’s government has been actively promoting the development of its EV industry, offering tax incentives and other forms of support to attract foreign investment. The country’s efforts are paying off, with several major automakers and battery companies already establishing their presence in Hungary.

The new investments by Eve Energy and CATL are expected to further boost Hungary’s position as a key player in the global EV market, and drive the country’s economic growth in the coming years.

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