Bumchun Precision will invest $ 45.3 million in a new aluminum battery terminal plant in Hungary. The new plant will mainly produce aluminum battery end products for electric vehicles, while creating 200 new jobs.
Bumchun Precision manufactures and develops components for electronic devices and mobile phones, and has recently started manufacturing batteries for electric vehicles.
The Hungarian government provided 8.13 million euros for this investment. The Minister of Foreign Affairs and Trade stated that the government hopes to develop Hungary into a production base in the field. The annual output value of the Hungarian automotive industry is expected to exceed 30.7 billion euros next year. He said that South Korea is considered an ally, because Korean companies have largely invested, and these companies are also becoming winners in the new industrial era.
Bumchun Precision's president, Ri KI Jeon, explained the location problem. The local labor force is well-trained and the city's industrial infrastructure is highly developed. This location can create superior logistics conditions.