Hungary: from low-cost, high-profit manufacturing base to riskier EV production center<\/h1>\n\n Munich, June 2023<\/span>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\n \n\n\n \n \n\n O<\/span>\n ur analysis shows Hungary remains a promising long-term bet for OEMs and suppliers - provided they conduct rigorous due diligence before investing <\/p>\n\n <\/div>\n\n \n\n <\/div>\n \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\tSince the end of the Cold War, Hungary has proved an attractive manufacturing base for some of the world\u2019s leading automotive OEMs and suppliers. However, the selling points that first drew international companies to Hungary, such as a relatively low-cost workforce and proximity to western European markets, are no longer sufficient on their own to justify major investments by global players. Other factors that need to be considered range from Hungary\u2019s currently problematic relations with many other EU countries to a skills shortage in sectors that are critical to electric vehicles (EVs).<\/p>
We believe that Hungary will remain a significant location for international automotive companies as recent announcements and investment activities by Magna and Boysen proof. At the same time, OEMs and suppliers will need to make smart decisions that take into account Hungary\u2019s ability to serve as a cost-efficient manufacturing base as the transition to EVs accelerates.<\/p>
This location assessment analyses the advantages and possible risks of expanding or establishing manufacturing operations in the country. In all cases, OEMs and suppliers should aim to achieve the following goals when deciding whether to initiate or increase investments: \u00a0<\/span><\/p>- Production flexibility: <\/em><\/strong>Manufacturers have had to respond rapidly and cost effectively to the external shock of the Ukraine war and resulting energy crisis<\/span><\/li>
- Risk diversification:<\/em><\/strong> Continuing friction with the wider EU means businesses should avoid over-dependence on operations in Hungary<\/span><\/li>
- Skills sufficiency:<\/em><\/strong> Companies should ensure through training programs and recruitment that the local workforce has world-class electric mobility capabilities<\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\t
Hungary\u2019s automotive industry: a vibrant sector gearing up for electric mobility <\/strong><\/h2>In 2021, Hungary\u2019s automotive industry included 491 companies with a combined workforce of 98,583 employees, according to data compiled by Germany Trade & Invest (GTAI), part of Germany\u2019s economics ministry. Total production value reached \u20ac25bn, triple the equivalent figure in 2010, with around 90 percent of all vehicles exported, including 394,302 passenger cars.<\/p>
Hungary\u2019s car industry landscape includes a range of global OEMs and suppliers, led by German players, which have recently confirmed their commitment to Hungary with significant investment decisions. For example, BMW <\/strong>announced in November 2022 that it plans to invest more than \u20ac2bn over the next three years at its new plant in Debrecen, where it will produce around 150,000 next-generation \u201cNeue Klasse\u201d EVs annually, as well as high-voltage batteries for the vehicles.<\/p>Meanwhile, Mercedes-Benz <\/strong>will spend more than \u20ac1bn between 2022 and 2025 at its Kecskem\u00e9t factory to develop two new EV platforms for more advanced, high-value vehicles; and in the same period, Audi<\/strong>will invest \u20ac301 million to increase production of electric motors at its factory in Gy\u00f6r, one of the world\u2019s largest engine plants. \u00a0<\/p>It is not just major European automotive companies which are ramping up production in Hungary. In September 2022 NIO<\/strong>, one of China\u2019s \u201cBig Three\u201d EV manufacturers, announced plans to supply battery swap stations to its expanding European network from the company\u2019s first overseas plant at Biatorbagy, near Budapest, which will also serve as NIO\u2019s regional R&D, maintenance and training center. \u00a0<\/p>The common theme of all these spending programs is of course the global transition to electric mobility, which is also generating significant investment in Hungary by suppliers. \u00a0Hungary will have the world\u2019s fifth largest lithium-ion battery manufacturing capacity by 2025, according to research last year by S&P Global, with China\u2019s CATL <\/strong>playing a prominent role. CATL <\/strong>plans to invest \u20ac7.34bn in an additional 100-gigawatt hour battery plant in Debrecen aimed at serving nearby customers\u2019 factories, including Mercedes-Benz, BMW, Stellantis and Volkswagen. <\/em><\/p>Other major international battery manufacturers with expansion plans in Hungary include Samsung SDI<\/strong>, which in late 2022 was discussing an additional plant in Hungary with BMW. \u00a0<\/p>At the same time, global suppliers of other EV parts and technologies are making big bets on Hungary as a manufacturing and R&D base, with German players once again in the forefront. For example, in September 2021 Schaeffler <\/strong>opened a new plant in the western city of Szombathely which only manufacturers electric mobility parts, with production scheduled to increase from 800,000 units in 2023 to 1.8 million units by 2029. Another illustration is Continental<\/strong>\u2019s Center for Deep Machine Learning in Budapest, opened in 2018, which focuses on research into artificial intelligence (AI) applications for automated driving systems.<\/p>Just recently the Canadian Tier1 supplier Magna<\/strong> announced it\u2019s plans for a new plant in Vecs\u00e9s to deliver body and chassis parts to \u201ctwo German premium OEMs\u201d.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\tInvesting in Hungary \u2013 the positives and the negatives<\/strong><\/h2>These are eye-catching investments, yet the full picture is more nuanced \u2013 for every \u201cgood news\u201d press release about a new plant or R&D center in Hungary, there is often another company which has quietly decided that the country currently does not tick all the right boxes as a production base.<\/p>
Hungary already has a well-developed electric mobility industry ecosystem, as the examples we have highlighted demonstrate. Yet beyond this essential precondition, investors need to weigh up the main advantages and risks associated with investing in the country.<\/p>
The positives<\/em><\/strong><\/p>- Low corporate tax: <\/em><\/strong>Hungary\u2019s current corporate tax rate of 9 percent is the lowest of any European country that is an OECD member, and less than one-third of Germany\u2019s rate of 29.9 percent. This huge differential is a key reason why Hungary has proved such an attractive destination for German OEMs and suppliers.<\/span><\/li><\/ul>
\u00a0<\/strong><\/span><\/p>- Generous state subsidies:<\/em><\/strong> At a national and local level, Hungary\u2019s government is committed to providing targeted assistance to foreign investors in key industries, often at the outer limit of EU state aid rules. Schaeffler\u2019s recently opened plant at Szombathely is a typical illustration, receiving support worth around \u20ac14.9 million as a greenfield development.<\/span><\/li><\/ul>
\u00a0<\/strong><\/span><\/p>- Relatively low-cost labor: <\/em><\/strong>According to recent data compiled by the EU, an hour\u2019s work in Hungary cost on average \u20ac10.40, compared with \u20ac37.90 in France and \u20ac37.20 in Germany. However, investors should also take note that Hungary\u2019s average hourly labor costs rose 16.6 percent in the third quarter of 2022, the steepest increase of any EU country. In addition, there is a large disparity in wages between West and East Hungary<\/span><\/li><\/ul>
\u00a0<\/p>
The negatives <\/em><\/strong><\/p>- Skills shortages: <\/em><\/strong>There is a dearth of highly qualified workers in Hungary, with some critics blaming the government\u2019s increasingly strict anti-migration policies. The problem is compounded by the ease with which employees can move to neighboring EU countries in search of better pay and conditions. For example, Hungary\u2019s metalworkers\u2019 union VASAS estimates that the country\u2019s automotive industry workers earn on average about one-quarter of the equivalent salary in Germany. As a result, there is currently hardly any qualified personnel available in western Hungary.<\/span><\/li><\/ul>
\u00a0<\/em><\/strong><\/span><\/p>- Political tensions with the EU: <\/em><\/strong>Some analysts suggest that the various ongoing disputes between Budapest and Brussels could damage Hungary\u2019s attractiveness as a foreign investment destination, especially for EU-based companies. Within the automotive industry, investments in key electric mobility technologies could potentially be affected.<\/span><\/li><\/ul>
\u00a0<\/em><\/strong><\/span><\/p>- Proximity to war in Ukraine: <\/em><\/strong>Regardless of the Hungarian government\u2019s equivocal position, there is no escaping the fact that, as a neighbor of Ukraine, the country is especially vulnerable to the war\u2019s economic impact. Automotive investors will need to bear in mind the consensus among military and strategic experts that the conflict is unlikely to end soon. And in the event of an end to the conflict in Ukraine’s favour, a possible “Marshall Plan” could lead to another shift of incentives for production re-location.<\/span><\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\t
Modelling risk and revenue<\/strong><\/h2>OEMs and suppliers that are considering whether to invest in Hungary for the first time, or expand their existing footprint there, can utilize our range of risk analysis and revenue scenario modelling tools for the country. For example, we have developed a dashboard for analyzing potential revenue scenarios when defining Hungary production footprints (see Figure 1<\/em>).\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\tFigure 1: Hungary revenue scenario dashboard for different production footprints<\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\tREVENUE SCENARIO SPOTLIGHT HUNGARY DEEP DIVE CELL CONTACTING SYSTEMS
<\/strong>
[47\u00b030\u20190.0″N 19\u00b00\u20190.0″E, HUNGARY]\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t![\"\"](\"https:\/\/www.berylls.com\/wp-content\/uploads\/2023\/06\/2212-033_Slide-HU-Potential812-1.jpg\")
\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\n \n \n Source:\u00a0\u00a9 2022 Mapbox \u00a9 OpenSteetMap<\/p> <\/div>\n <\/div>\n\n\n \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\tOur dashboard enables companies to enter specific product data, relevant production platforms and selected timelines, in order to derive detailed sales planning scenarios based on customized revenue and profitability forecasts (see Figure 2<\/em>).\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\tFigure 2: Example of revenue scenarios using the Hungary dashboard<\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\tREVENUE SCENARIO SPOTLIGHT HUNGARY DEEP DIVE CELL CONTACTING SYSTEMS<\/strong><\/p>[47\u00b030\u20190.0″N 19\u00b00\u20190.0″E, HUNGARY]\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t![\"\"](\"https:\/\/www.berylls.com\/wp-content\/uploads\/2023\/06\/2212-033_Slide-HU-Potential81-1.jpg\")
\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\n \n \n Source: Berylls Strategy Advisors\u00a0<\/p> <\/div>\n <\/div>\n\n\n \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\t\tBerylls\u2019 overview: The outlook for Hungary\u2019s automotive industry<\/strong><\/h2>In the automotive industry, as in other sectors, Hungary continues to benefit from the exodus of production capacity from western to eastern Europe, which was triggered by the end of the Cold War. Yet this is no longer a straightforward story of companies seeking a nearby source of relatively cheap, reasonably skilled labor. The world has moved on, and so has the industry, from the age of fossil fuel vehicles toward the era of electric mobility.<\/p>
In this context, we believe that Hungary merits both close attention by OEMs and suppliers considering major manufacturing investments, and rigorous, comprehensive due diligence. Like its language, the country itself is not easy for foreign investors to understand. Yet with sufficient research, Hungary remains a viable, long-term base for international automotive players.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\n\t\t\tInsight download and author information\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\n \n \n \n\n\t Authors<\/h2> <\/div>\n \n \n \n Dr. Alexander Timmer<\/p>\n
Partner<\/p>\n
alexander.timmer@berylls.com<\/p>\n <\/div>\n
\n \n <\/div>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n\n <\/div>\n \n \n Felix Scheb<\/p>\n
Project Manager<\/p>\n
felix.scheb@berylls.com<\/p>\n <\/div>\n
\n \n <\/div>\n <\/div>\n <\/div>\n <\/a>\n <\/div>\n\n <\/div>\n
ur analysis shows Hungary remains a promising long-term bet for OEMs and suppliers - provided they conduct rigorous due diligence before investing <\/p>\n\n <\/div>\n\n \n\n <\/div>\n \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
Since the end of the Cold War, Hungary has proved an attractive manufacturing base for some of the world\u2019s leading automotive OEMs and suppliers. However, the selling points that first drew international companies to Hungary, such as a relatively low-cost workforce and proximity to western European markets, are no longer sufficient on their own to justify major investments by global players. Other factors that need to be considered range from Hungary\u2019s currently problematic relations with many other EU countries to a skills shortage in sectors that are critical to electric vehicles (EVs).<\/p>
We believe that Hungary will remain a significant location for international automotive companies as recent announcements and investment activities by Magna and Boysen proof. At the same time, OEMs and suppliers will need to make smart decisions that take into account Hungary\u2019s ability to serve as a cost-efficient manufacturing base as the transition to EVs accelerates.<\/p>
This location assessment analyses the advantages and possible risks of expanding or establishing manufacturing operations in the country. In all cases, OEMs and suppliers should aim to achieve the following goals when deciding whether to initiate or increase investments: \u00a0<\/span><\/p> In 2021, Hungary\u2019s automotive industry included 491 companies with a combined workforce of 98,583 employees, according to data compiled by Germany Trade & Invest (GTAI), part of Germany\u2019s economics ministry. Total production value reached \u20ac25bn, triple the equivalent figure in 2010, with around 90 percent of all vehicles exported, including 394,302 passenger cars.<\/p> Hungary\u2019s car industry landscape includes a range of global OEMs and suppliers, led by German players, which have recently confirmed their commitment to Hungary with significant investment decisions. For example, BMW <\/strong>announced in November 2022 that it plans to invest more than \u20ac2bn over the next three years at its new plant in Debrecen, where it will produce around 150,000 next-generation \u201cNeue Klasse\u201d EVs annually, as well as high-voltage batteries for the vehicles.<\/p> Meanwhile, Mercedes-Benz <\/strong>will spend more than \u20ac1bn between 2022 and 2025 at its Kecskem\u00e9t factory to develop two new EV platforms for more advanced, high-value vehicles; and in the same period, Audi<\/strong>will invest \u20ac301 million to increase production of electric motors at its factory in Gy\u00f6r, one of the world\u2019s largest engine plants. \u00a0<\/p> It is not just major European automotive companies which are ramping up production in Hungary. In September 2022 NIO<\/strong>, one of China\u2019s \u201cBig Three\u201d EV manufacturers, announced plans to supply battery swap stations to its expanding European network from the company\u2019s first overseas plant at Biatorbagy, near Budapest, which will also serve as NIO\u2019s regional R&D, maintenance and training center. \u00a0<\/p> The common theme of all these spending programs is of course the global transition to electric mobility, which is also generating significant investment in Hungary by suppliers. \u00a0Hungary will have the world\u2019s fifth largest lithium-ion battery manufacturing capacity by 2025, according to research last year by S&P Global, with China\u2019s CATL <\/strong>playing a prominent role. CATL <\/strong>plans to invest \u20ac7.34bn in an additional 100-gigawatt hour battery plant in Debrecen aimed at serving nearby customers\u2019 factories, including Mercedes-Benz, BMW, Stellantis and Volkswagen. <\/em><\/p> Other major international battery manufacturers with expansion plans in Hungary include Samsung SDI<\/strong>, which in late 2022 was discussing an additional plant in Hungary with BMW. \u00a0<\/p> At the same time, global suppliers of other EV parts and technologies are making big bets on Hungary as a manufacturing and R&D base, with German players once again in the forefront. For example, in September 2021 Schaeffler <\/strong>opened a new plant in the western city of Szombathely which only manufacturers electric mobility parts, with production scheduled to increase from 800,000 units in 2023 to 1.8 million units by 2029. Another illustration is Continental<\/strong>\u2019s Center for Deep Machine Learning in Budapest, opened in 2018, which focuses on research into artificial intelligence (AI) applications for automated driving systems.<\/p> Just recently the Canadian Tier1 supplier Magna<\/strong> announced it\u2019s plans for a new plant in Vecs\u00e9s to deliver body and chassis parts to \u201ctwo German premium OEMs\u201d.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t These are eye-catching investments, yet the full picture is more nuanced \u2013 for every \u201cgood news\u201d press release about a new plant or R&D center in Hungary, there is often another company which has quietly decided that the country currently does not tick all the right boxes as a production base.<\/p> Hungary already has a well-developed electric mobility industry ecosystem, as the examples we have highlighted demonstrate. Yet beyond this essential precondition, investors need to weigh up the main advantages and risks associated with investing in the country.<\/p> The positives<\/em><\/strong><\/p> \u00a0<\/strong><\/span><\/p> \u00a0<\/strong><\/span><\/p> \u00a0<\/p> The negatives <\/em><\/strong><\/p> \u00a0<\/em><\/strong><\/span><\/p> \u00a0<\/em><\/strong><\/span><\/p> OEMs and suppliers that are considering whether to invest in Hungary for the first time, or expand their existing footprint there, can utilize our range of risk analysis and revenue scenario modelling tools for the country. For example, we have developed a dashboard for analyzing potential revenue scenarios when defining Hungary production footprints (see Figure 1<\/em>).\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t Figure 1: Hungary revenue scenario dashboard for different production footprints<\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t REVENUE SCENARIO SPOTLIGHT HUNGARY DEEP DIVE CELL CONTACTING SYSTEMS Source:\u00a0\u00a9 2022 Mapbox \u00a9 OpenSteetMap<\/p> <\/div>\n <\/div>\n\n\n \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t Our dashboard enables companies to enter specific product data, relevant production platforms and selected timelines, in order to derive detailed sales planning scenarios based on customized revenue and profitability forecasts (see Figure 2<\/em>).\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t Figure 2: Example of revenue scenarios using the Hungary dashboard<\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t REVENUE SCENARIO SPOTLIGHT HUNGARY DEEP DIVE CELL CONTACTING SYSTEMS<\/strong><\/p>[47\u00b030\u20190.0″N 19\u00b00\u20190.0″E, HUNGARY]\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t Source: Berylls Strategy Advisors\u00a0<\/p> <\/div>\n <\/div>\n\n\n \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t In the automotive industry, as in other sectors, Hungary continues to benefit from the exodus of production capacity from western to eastern Europe, which was triggered by the end of the Cold War. Yet this is no longer a straightforward story of companies seeking a nearby source of relatively cheap, reasonably skilled labor. The world has moved on, and so has the industry, from the age of fossil fuel vehicles toward the era of electric mobility.<\/p> In this context, we believe that Hungary merits both close attention by OEMs and suppliers considering major manufacturing investments, and rigorous, comprehensive due diligence. Like its language, the country itself is not easy for foreign investors to understand. Yet with sufficient research, Hungary remains a viable, long-term base for international automotive players.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t Dr. Alexander Timmer<\/p>\n Partner<\/p>\n alexander.timmer@berylls.com<\/p>\n <\/div>\n Felix Scheb<\/p>\n Project Manager<\/p>\n felix.scheb@berylls.com<\/p>\n <\/div>\n Hungary\u2019s automotive industry: a vibrant sector gearing up for electric mobility <\/strong><\/h2>
Investing in Hungary \u2013 the positives and the negatives<\/strong><\/h2>
Modelling risk and revenue<\/strong><\/h2>
<\/strong>
[47\u00b030\u20190.0″N 19\u00b00\u20190.0″E, HUNGARY]\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\tBerylls\u2019 overview: The outlook for Hungary\u2019s automotive industry<\/strong><\/h2>
Insight download and author information\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
Authors<\/h2> <\/div>\n \n