Taiwan-based Giant Group is going to establish its second European manufacturing and logistics unit in Gyöngyös, east of Budapest. Worth almost EUR 48 million, the investment, which is to be realized in three phases, shall occupy 228,000 square meters.
Production is expected to be started in
the second half of 2019 due to the huge European demand. It is planned to start
with a production capacity of 300,000 bicycles but their target is to achieve one
million bicycles produced annually, creating 591 new jobs. The Hungarian plant
is going to focus on core European bicycle and E-bike models, the Hungarian
Investment Promotion Agency (HIPA) reports.
According to the Hungarian news agency MTI, the President of Giant Global Group Bonnie Tu emphasised that Europe is not just the birthplace of cycling, but also the most important market for bicycles. “Hungary lies at the centre of the continent, has the industrial foundations and capabilities required for production, and Gyöngyös, which will be hosting the plant, is highly suited for the investment in view of its excellent transport links”, she explained.
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