German Car Giants And Asian Battery Kings A Match Made In Hungary
Companies are flocking to central Europe, where Viktor Orban’s government is defying Western wariness about China and offering generous benefits to accommodate foreign businesses and stake Hungary’s claim as a global center for electric vehicles (EVs). Investment in the Hungarian automotive industry is dominated by three countries – Germany, a champion carmaker, plus China and South Korea, which lead EV batteries well ahead of European competitors. Companies from those three countries accounted for 29 of the 31 cash subsidies Hungary gave for major investments in the automotive and battery sectors over the past decade, according to a Reuters analysis of government data that shows the scale of German, Chinese and Korean convergence....