lørdag 27. april 2024

Hungary opens up to Chinese tech despite protests

"We do not intend to become the world leader," said Hungary's foreign minister in Beijing last October, about his country's ambitious plans for manufacturing Electric Vehicle batteries, "because the world leader is China".

China has an astonishing 79% share of the lithium-ion global battery manufacturing capacity, ahead of the US on 6%. Hungary is now third with 4% and aims soon to overtake the Americans, explained Peter Szijjarto, during his visit to China. With 36 factories already built, under construction or planned, his words were no idle boast.

When it comes to maintaining strong economic ties with Russia, Budapest draws considerable criticism. More important in economic terms are the growing ties with China and South Korea. Electric vehicles are the cornerstone of that push, and for once Hungary is attracting the envy of fellow EU members, rather than their approbation.