Copyright Reuters
Under right-wing Prime Minister Viktor Orban, Hungary has become an important trade and investment partner for China, in contrast with some other European Union nations considering becoming less dependent on the world's second-largest economy. Sign up here. "China constitutes a very significant challenge, all of us can agree on that," BMW's Hungarian Chairman and Chief Executive Hans-Peter Kemser told a conference alongside local leaders from Audi and Mercedes-Benz. "We must also see that Chinese manufacturers are arriving in Europe. That is a fact," Kemser said through an interpreter. China's BYD plans to start production at its new electric-vehicle plant in southern Hungary by the end of 2025, while also investing $94 million to triple its local electric bus output. Michael Breme, Chief Executive of Audi's Hungarian unit, said western manufacturers had lost market share in China and local brands now account for two-thirds of the market there. "The Chinese market is simply too important to give up on," Breme said. "We need to find new strategies in the local markets." Zoltan Guth, head of communications and external affairs at Mercedes-Benz Manufacturing Hungary, said the brand also aimed to preserve its market share in China with new or redesigned models to be launched in coming years. Reporting by Gergely Szakacs Editing by Alexandra Hudson Our Standards: The Thomson Reuters Trust Principles., opens new tab Gergely reports on central European economics, central banking and government policy, with content usually appearing on the Macro Matters, Markets, Business and World sections of the website. He has nearly two decades' worth of experience in financial journalism at Reuters and holds advanced degrees in English and Communication.
