Zhejiang Shuanghuan Driveline inaugurated the electric vehicle parts plant of Evoring, the China-based firm’s Hungarian subsidiary, the Hungarian Investment Promotion Agency (HIPA) reports.
The EUR 104.4 million greenfield investment, implemented with the support of HIPA includes a 24,000 square-meter production complex supported by solar panels and a heat-pump system.
The manufacturing base in Jászfényszaru (central Hungary) produces components for electric vehicles, primarily gears and shafts. The largest client is the Tesla plant in Germany, other partners include Volvo and Scania.
In the coming phases of the investment, the site will be expanded with two additional production halls. The project is set to create 450 new jobs.
Shenzhen-listed Zhejiang Shuanghuan Driveline focuses on R&D, manufacturing and sales of mechanical transmission components. Founded in 1980, the company operates more than ten subsidiaries worldwide. It employs over 8,000 people globally. Most of its customers are listed among the Fortune Global 500 companies.
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