Chinese battery manufacturer Eve Power will build a €3.7bn factory in Debrecen, Hungary, boosting the country’s role as the centre of the European electric vehicle (EV) industry.
Hungarian foreign minister Peter Szijjarto announced the plan on Tuesday, The Budapest Times reported.
The factory will be Eve Power’s first in Europe and is intended to supply an EV factory BMW is building.
Szijjarto said the Hungarian government would provide €37.7m to support the project.
Founded in 2012 as a subsidiary of Eve Energy, Eve Power describes itself as being in the global top 10 of companies with the most installed battery capacity.
Last month, South Korean battery maker EcoPro broke ground on a $290m cathode production plant in Debrecen.
In 2019, Samsung decided to add a €1.2bn EV battery factory to its existing manufacturing base in Göd, a town to the north of Budapest.
BMW is building a €2bn battery assembly plant in Debrecen.
Contemporary Amperex Technology has begun work on Europe’s largest battery factory – a $7.8bn megaproject just outside Debrecen.