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Chinese Automotive Investment Worth HUF 39 Billion Arrives

Hungary Today 2023.11.20.

Zhejiang Shuanghuan Driveline, a Chinese automotive company, will create 450 new jobs in Jászfényszaru (central Hungary) as a result of a HUF 39 billion (EUR 103 million) investment, Minister of Foreign Affairs and Trade Péter Szijjártó announced.

The minister said that the company will start manufacturing components for electric cars in the town in the first quarter of next year, while the construction of a new factory hall is also being planned, reports Világgazdaság.

The investment, worth some HUF 39 billion (EUR 103 million), will be backed by the state to the tune of HUF 7 billion (EUR 18 million), helping to create 450 new jobs.

In his speech, Minister Szijjártó stressed that Zhejiang Shuanghuan Driveline will become the market leader in Europe in the production of gears and axles for electric car engines.


Zhejiang Shuanghuan Driveline Co., Ltd. is a China-based company principally engaged in the research, development, design, and manufacture of mechanical transmission gears. The company operates through two main segments. The General Machinery Manufacturing segment is mainly involved in the research, development, design, and manufacture of passenger car gears, power tool gears, construction machinery gears, motorcycle gears, and commercial vehicle gears. The Wholesale and Retail segment is mainly involved in the sale of steel and other materials.

Here is another Chinese company that will supply the big Western companies Tesla, Volvo, and Scania, emphasized the minister. All this shows the nonsense and the damage that can be done by European politicians who talk about the need to separate the Chinese and European economies, he noted, adding that the countries that will succeed in the coming period will be those that understand the need to strengthen cooperation between East and West.

In this context, he also pointed out that the records of Hungarian-Chinese economic cooperation are being broken year after year.

Hungary is China’s number one investment destination in Central Europe, and this year the East Asian country is already our second largest source of imports after Germany.

Szijjártó underlined that Hungary has the most competitive investment promotion system on the continent, and it is important that the government is able to resist any external pressure. “We will never accept that someone from outside wants to tell us what investment can or cannot come here,” he warned.

The minister also recalled that following the political decisions of the European Union, from 2035, only electric cars will be allowed on the continent, arguing that this is the only way to make the green transition. The pressure of this agreement has taken the European economy in a completely new direction, and a fierce industrial and investment race has been launched that will determine which countries will be the champions of a revolutionary transformation of the sector.

From a Hungarian perspective, the question is whether Hungary will still have a car industry in ten years’ time, he said.

Since we want to answer yes to this question, we have decided to enter the competition to see who can attract the most investment in the electric car industry,”

Szijjártó concluded.

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Via Világgazdaság, Featured image via Facebook/Audi Hungaria Győr

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