Samsung SDI announces HUF 22.5 billion R+D investment

The government is supporting the project with a 5.5 billion forint grant. The facility is expected to contribute to longer-life, safer batteries while cutting production costs, he said. The facility will also create “dozens” of high value-added jobs, he added.

The investment will further strengthen cooperation with universities that are already training experts in electric battery and car manufacture, he said.

He said that while Europe stumbled from crisis to crisis, the car manufacturing sector was undergoing a “revolution”.

“Hungary’s success in the race for investments in the electric car sector is key to maintaining economic growth and preserving jobs,” he said. “With traditional car manufacturing losing ground, Hungarians may lose their jobs en masse unless we can bring electric car investments to the country.”

An investment by Samsung SDI, the second largest domestic player in the field and the employer of 6,000 people in the country, shows Hungary’s success in that competition, he said.