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Hungary Autos Report Q2 2008Published by: Business Monitor International Published: May. 1, 2008 - 52 Pages Table of Contents
AbstractBMI has raised its 2008 forecast for car production in Hungary, after output soared in 2007. According todata from the International Organisation of Motor Vehicle Manufacturers (OICA), car production reached287,982 units last year, a significant increase of 53.5% on 2006. As BMI reflects in the latest HungaryAutos Report, car production in the country is being boosted by the participation of industry majors suchas Audi. This, in turn, is fuelling growth in the supply sector.Audi made 56,982 units at its plant in Gyor in 2007, up by a massive 140.7% on the previous year. Ofthis total, 40,417 units were Audi TT Coupé vehicles, 16,349 units were Roadsters and 216 units were A3Cabriolet vehicles. Engine production at the plant edged up by 1.03% year-on-year (y-o-y) to 1,913,053units. The strong upturn in vehicle production has been attributed to the worldwide success of key modelsand, in BMI's view, the Hungarian plant should continue to be fundamental to the German carmaker'splans to build 1.5mn vehicles by 2015. BMI's forecast for car production in 2008 now stands at 331,108units. Fresh investment this quarter comes in the car parts sector and reflects just how much this industry isgrowing as vehicle manufacturers set up plants in Eastern Europe in order to take advantage of cheapercosts. Hungary is geographically well placed to supply neighbouring markets and, according to industrysources, the Indian company Apollo Tyres has unveiled investment of EUR300mn in order to build amanufacturing plant in the country. The investment is the biggest ever made by an Indian company inHungary. Construction of the plant is expected to begin in April 2008, with production beginning some18 months later. In a boon to the chosen location for the plant, Gyöngyös, which has a high level ofunemployment, some 1,500 new jobs will be created. Establishing a plant in Hungary is a key part ofApollo's global expansion strategy, say company sources. A Hungarian base will allow the manufacturerto supply markets in Europe and North America. Also, German car parts maker Continental AG is preparing to build a testing ground for electronicbraking systems (EBS) and related components in Hungary. The site will be created on the back of abillion-forint investment and is expected to be the biggest of its kind in Central and Eastern Europe.Construction of the testing ground is scheduled to be completed by the end of 2008, with the creation ofsome 30 jobs. Get Full Details About This Report >> |
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