Economy
LG-Magna JV to build first European factory in Hungary
The minister said
the joint venture will produce inverters and on-board chargers for electric cars, with trial production starting in 2025.
The HUF 20 billion project will be supported by the state with HUF 6.2 billion (32.5%), contributing to the creation of 200 new jobs.
Szijjártó pointed out that the automotive industry currently accounts for around 30% of manufacturing output. He recalled that the sector is undergoing a revolutionary transformation to make Europe the first carbon neutral continent.
