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Hungarian Company Plans €10 Billion Investment To Produce Electric Lorries

Hungary’s eTruck Motor wants to build almost 10 billion euros of production capacity for electric lorries around the country, Hungarian business daily Világgazdaság reported on Tuesday.

eTruck Motor is already in talks with the agriculture ministry and the mayor of Hegyeshalom, western Hungary, on acquiring a plot of land on the city’s outskirts to build an assembly plant, project manager Gábor Benke told the paper. An Austrian investor’s plans to build a 300 million euro casino on the site fell through several years earlier.

König Bank will manage the financing for the investment, which will include private equity as well as support from the United Nations Industrial Development Organization and the European Union, according to plans, the paper said. However, the National Bank of Hungary (MNB) prohibited König Bank from conducting unlicenced activity in a resolution issued at the end of last year.

eTruck Motor is majority owned by Hungary’s König Investment, Világgazdaság said. A further 2 percent of the company is in Chinese hands and Hungarian private individuals own 5 percent, it added.

via MTI and vg.hu; photo: nrgreport.com