19 Jul 2019
Hungary has attracted another Asian company to set up business there, after Samsung SDI and GS Yuasa announced plans to move business in Hungary in 2018. South Korean company Inzi Cpntrols is the latest firm to make a shift in location, as it looks to set up a unit in Komárom, Hungary.
Inzi Controls, a car part manufacturer based in Gyeonggi-do – a province close to Seoul, has invested €45.7m to produce lithium-ion batteries which would benefit the electronic vehicle industry. The Hungarian city is estimated to become home to the EV battery plant within the first months of 2020, creating around 122 work opportunities in the area. The Hungarian government stated that the project will receive funding of around €5 to help the construction of the factory.
Hungary’s Foreign Affairs and Trade Minister Péter Szijjártó said, ‘Thanks to investors from East Asia, Hungary is the seventeenth largest exporter of batteries for electric vehicles, and further investments on their part could reinforce economic relations.’ Earlier this year, Inzi Controls announced that they will be building another plant in Komárom in order to manufacture third generation EV batteries. Chief executive of Inzi Controls. Cho Yun Hyung explained how the location was mainly chosen as a result of ‘the significant level of government funding’ and the workforce in Hungary who already possess the knowhow of the job.
Amongst other car companies, the South Korean firm supplies products to Audi, Volkswagen and Bosch. Inzi Controls has battery plants in China, India, Malaysia, the U.S. and South Korea.