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Facts & Statistics

Hungarian auto industry can gain a strategic position

Hungary has built up significant battery production capacity and might gain a strategic position in the automotive industry in the near future.

Tünde Bujdosó, Director of Risk Management at Euler Hermes Credit Insurance, announced the possible strategic position of the Hungarian automotive industry in her analysis of the automotive industry.

She said the number of cars produced globally fell 16.9 percent last year from a year earlier. In the European Union, 10.8 million cars were produced compared to 14.1 million in 2019, a 23 percent decline. Hungary finished in the middle with a 17.5 percent decline.

Automotive manufacturing capacity accounts for 5-6 percent of Hungarian GDP, while automotive suppliers account for an additional 8-9 percent of gross domestic product, meaning the automotive industry is clearly a strategic industry, she pointed out.

Péter Szijjártó, Minister of Foreign Affairs and Trade, has recently confirmed that foreign investment fell by 42 percent globally, while it grew by 140 percent in Hungary in 2020. 

He added that the production value of Hungary’s automotive industry exceeded HUF 9 trillion thanks to continuous investments and developments in 2020, and new production capacities will be needed after the pandemic as well. 

Source
www.vg.hu
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