Continental Automotive Celebrates 30 Years in Hungary

German businesses settling in Hungary have been important players in Hungary in the three decades since the fall of communism and contributed to the creation of market economy in Hungary, Finance Minister Mihály Varga said at the jubilee celebration of Continental Automotive Hungary Ltd. established in 1989.

The Finance Minister highlighted that the performance of the Hungarian economy offers opportunities to German businesses as well; some 6,000 German companies operate here providing jobs for 300,000 Hungarians, and this year, decisions have been made about a number of new major German investments.

According to the Minister, improving the competitiveness of the European economy is a common interest of Hungary and Germany, and therefore, the economic development plans of the two countries point in the same direction: they have set out to support digitization, and to raise the efficiency and competitiveness of production.

The Managing Director of Continental Automotive Hungary Ltd., Róbert Keszte noted that the automotive industry is undergoing fundamental changes and stated that Continental's Budapest plant is prepared for these technological, organizational and infrastructural changes. For example, routers for connecting vehicles to the Internet are manufactured in Budapest, as well as special components for electric and hybrid vehicles.

Róbert Keszte announced that the existing 13,000 sqm production area in the Hungarian capital will be expanded to 20,000 sqm and then 25,000 sqm in the long term.

Continental AG, one of the world’s leading technology companies, has invested some EUR 500 million in Hungary in the past ten years. They own seven plants, tire sales outlets, logistics and artificial intelligence development centers, employing more than eight thousand people.