Chinese-owned Evoring Ltd., a Shuanghuan Driveline company, invests EUR 104.4 million to set up a new plant in Jászfényszaru, E Hungary. The facility now broke ground where gears and shafts for EVs will be produced.
The investment, some 18% of which is paid for Hungarian taxpayers, promises to create 450 jobs.
Shuanghuan Driveline manufactures gears and shafts for a global clientele including Tesla, Volvo or ZF. The Chinese company has more than 10 subsidiaries worldwide, and its latest endeavor is aimed at the establishment of yet another one called Evoring Precision Manufacturing Ltd., this time around in Hungary.
As the Hungarian Investment Promotion Agency reports, it has now been announced that Evoring Ltd. invests EUR 104.4 million to set up a plant in Jászfényszaru. Production should be up and running by Q1 2024, initially in a rented hall. Simultaneously, on an area of 10 hectares the company plans to build its own plant of 24,000 square meters of which foundation stone has been laid.
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