Chervon Auto to invest 48 million euros in a factory in Hungary

Chinese company Chervon Auto will make a major investment in Hungary, of 17.5 billion forints (48 million euros), Foreign Minister Peter Szijjarto announced on Monday, as APA and MTI report.

The plant in Miskolc, in northeastern Hungary, will initially employ 138 people and deliver two million automotive components annually, for combustion engines and electric vehicles.

The Hungarian government will support the investment with a subsidy of 5.3 billion forints, Szijjarto said. He added that Chinese investment indicates that Hungary continues to be an attractive investment destination.

Last year, Hungary produced 550.000 cars and over two million engines, 90% of which were made for export.

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