Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News :

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
The feature you requested does not exist. However, we suggest the following feature:

Hungary courts Tesla with tax breaks, incentives - MTI

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/15/2017 | 09:22am CET

Hungary's foreign minister has met executives of electric vehicle manufacturer Tesla during a tour of Silicon Valley, extolling tax breaks and other incentives offered to car makers, national news agency MTI reported on Friday.

The production and export of cars by foreign automakers is a key driver of economic growth in Hungary, where wages for skilled workers are well below Western European levels.

The car sector employs over 100,000 people and accounts for about a third of industrial output in Hungary, an eastern member of the European Union. Neighbouring Slovakia and the Czech Republic are also major car making hubs in the region.

"Our purpose with today's visit was to place Hungary on the map ... as a country, which puts great emphasis on the car sector," Szijjarto was quoted as saying after talks on Thursday with Tesla's business development and legal directors.

Szijjarto said Tesla executives responded "very positively" to tax breaks linked to research and development and investments in Hungary, as well as the country's corporate tax rate, which at 9 percent is the lowest in the 28-member EU.

The minister said Hungary aimed to install over 3,000 electric charging points by 2019.

He added that Tesla would build two supercharging stations in Hungary by the end of next year, one in the western town of Gyor, an industrial hub home to German premium car maker Audi, and another in Nagykanizsa in the southwest.

Audi is one of Hungary's biggest exporters and revenue earners and the company describes the Gyor engine plant as the world's largest, supplying more than 30 Volkswagen Group sites.

Other major car makers in Hungary include German rival Daimler, PSA Group's Opel, and Suzuki Motor Corp.

South Korea's SK Innovation said last month it would invest 840.2 billion won ($771.86 million) to build an electric vehicle battery plant in Hungary to meet demand from automakers in Europe.

(Reporting by Gergely Szakacs; editing by Jason Neely)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
09:22a STHREE : sees profit above consensus on Europe, U.S. boost
09:22a Votorantim Energia, Canada pension board form JV to invest in power
09:22a AUSTSINO RESOURCES : Extension of Deadline
09:22a FOURTH LEG OF THE INTELLIGENT WORLD DRIVE : On the road to autonomous driving: Mercedes-Benz on automated test drive in South Africa
09:22a UPM KYMMENE OYJ : Raflatac partners with SGA and MCC in Italy to create sample book of wine, spirits, and craft beverage labels inspired by natural surfaces
09:20a WOODWARD : Snyder Capital Management LP Has Lifted Its Woodward (WWD) Stake; Atlantic American (AAME) Sentiment Is 3.5
09:20a SANOFI : Noynoy refutes rushed purchase of Dengvaxia vaccine
09:20a VOLT RESO : to proceed with US$40 million structured debt financing
09:20a MICROSOFT : knocks $550 off the fantastic Dell XPS 13 as last-minute PC deals get crazier
09:20a THIN FILM ELECTRONICS : Skanem Group Qualified as Label Conversion Partner for Thinfilm`s NFC Tags
Latest news
Advertisement