Hungarian Battery Output Slumps, Imperiling Orban’s EV Hopes
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Hungary’s battery-sector output plummeted at the end of last year, undermining Prime Minister Viktor Orban’s bet that demand for electric vehicles will help turn round the economy.
The government had pinned hopes on new battery plants to lift the manufacturing sector out of a steep decline that began around 2022. It used subsidies to lure South Korean and Chinese manufacturers to build large-scale factories before the global EV sector’s woes sapped demand.