Doosan Solus Holds Meeting with Hungarian Government... "Leading the European Electric Vehicle Market"

Doosan Solus Hungary Plant

[Asia Economy Reporter Ki-min Lee] Doosan Solus announced on the 4th that it held a press briefing jointly with the Hungarian government on the 30th of last month (local time) and shared plans for an additional investment to expand its battery foil plant by 15,000 tons and ongoing cooperation measures.

At the briefing, P?ter Szijj?rt?, Hungary's Minister of Foreign Affairs, welcomed Doosan Solus's investment plans. Minister Szijj?rt? said, "With Doosan Solus's investment, Hungary has taken a step closer to becoming a leading country in the European electric vehicle industry, and we also appreciate Doosan Solus's economic contributions such as creating new jobs." Doosan Solus expects about 200 new jobs to be created through the expansion of its second plant in Hungary.

Lee Yoon-seok, CEO of Doosan Solus, who attended the briefing via video conference, said, "Doosan Solus's additional investment is thanks to the Hungarian government's proactive investment attraction policies," and added, "We ask for the Hungarian government's generous support so that the Hungarian plant can become a leading production base in the European electric vehicle market."

The Hungarian government actively supported Doosan Solus earlier this year by simplifying construction and environmental permit procedures during the establishment of the first phase of mass production at the Hungarian battery foil plant and providing subsidies worth approximately 34 billion KRW.

Regarding the expansion investment of the second plant in Hungary, subsidies are expected to be provided after approval from the European Union (EU) Commission.

Earlier, on the 30th, Doosan Solus disclosed plans to expand its Hungarian battery foil plant by 15,000 tons annually with an investment of 270 billion KRW. The strategy is to aggressively invest to secure a leading position in the local market in response to the rapidly increasing demand for electric vehicle batteries.