BMW says to invest US$1.2b in Hungary
Print Edition
BMW said yesterday it will invest a billion euros (US$1.2 billion) in a new factory in Hungary, as it follows its fellow German automakers into building cars in lower-wage central Europe.
The factory, to be built close to the eastern town of Debrecen, will have an annual capacity of 150,000 units and will make both conventionally and electrically powered vehicles.
More than 1,000 new jobs are expected to be created.
鈥淭he BMW group鈥檚 decision to build this new plant reaffirms our perspective for global growth,鈥 said BMW chairman Harald Krueger.
鈥淎fter significant investments in China, Mexico and the US, we are now strengthening our activities in Europe to maintain a worldwide balance of production between Asia, America and our home continent.鈥
BMW said it picked Debrecen because of its 鈥渧ery good infrastructure, suitable logistics connections and proximity to the established supplier network.鈥
Hungary鈥檚 Foreign Minister Peter Szijjarto said talks for the new plant had been ongoing for 14 months, and that the company鈥檚 decision was a 鈥渉uge success for Hungary.鈥
鈥淭his investment will contribute to the Hungarian economy鈥檚 competitiveness and will further strengthen economic ties between Hungary and Germany,鈥 he said.
BMW is following competitors Audi and Mercedes-Benz into Hungary, where labor costs are less than a third of those in Germany, according to EU data. BMW has 12 factories across Europe.
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