The BYD headquarters in Shenzhen has a lot to offer not only car enthusiasts, but also history buffs.Continue reading
2025 is the year of families and businesses, and the government will continue to work to ensure that every family and every business can take another step forward, Minister for National Economy Márton Nagy said in a video published on Facebook on Thursday.
He added that they are working to make the economy perform better so that families can make more money. They need an economic turnaround, and they have an excellent new economic policy plan. Under the new economic policy action plan, the government has decided on 21 measures to boost family incomes, help young people get housing more easily, and support Hungarian SMEs to scale up and increase their productivity.
In total, the action plan will allocate 4,000 billion forints (EUR 9.6 billion) to families and businesses.
The money will be used to double family tax allowances, launch a work credit and a rural home renovation program, and support business investment, boosting the economy, the Minister emphasized.
Márton Nagy pointed out that inflation has been overcome and wages are growing dynamically, leaving more and more money for families. In addition to the implementation of the 21 points, the completion of a number of mega-investments should also help the economy’s performance.
Huge factories will open, such as BMW, CATL and BYD,
he reminded.
CATL (Contemporary Amperex Technology Co., Limited) announced in 2022 that it would build its second European battery factory in Hungary, in the Southern Economic Zone of Debrecen (eastern Hungary). The first phase of the battery cell factory has now been built and the building services engineering and electrical installations are underway.
Battery cell production is scheduled to start in 2025 at the facility.
With Debrecen being a university town, the new plant and the students will benefit from this aspect as well. As Hungary Today reported earlier, a cooperation agreement was signed between the University of Debrecen and the Hungarian subsidiary of CATL, aiming to promote the practical training of technical professionals, the development of curricula, and the implementation of joint research projects in the field of battery technology and energy industry.
Photo via Twitter/CATL
Another Chinese company, BYD, the world’s leading manufacturer of new energy vehicles, announced in 2023 that it would build its first European car plant in Szeged (southern Hungary) with an investment of several billion euros, capable of producing 300,000 cars per year. Mayor László Botka highlighted that the largest building of the plant will be 800 meters long and 200 meters wide, 167,000 square meters in size.
The first BYD car in Hungary could be complete in November 2025.
Meanwhile, the construction of BMW’s new plant in Debrecen (eastern Hungary) is proceeding at full speed. Pre-series production of vehicles has already started in Debrecen with the aim of starting series production of the all-electric Neue Klasse X model by the end of 2025.
Featured photo via Hungary Today