The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Computer, Electrical Electronic And Optical Products Manufacture Of Computer, Electronic And Optical Products 26.11 - Manufacture Of Electronic Components
130 jobs Number of planned job creations
Announcement Date
26 October 2023
Employment effect (start)
1 January 2024
Foreseen end date
31 December 2024
Description
Continental Automotive, one of the Hungarian subsidiaries of German automotive supplier conglomerate Continental, initiates two R&D investment projects which together will create a total of 130 new jobs through 2024.
One of the projects aims at developing capabilities in the field of self-driving and highly automated systems, thereby creating 90 new jobs. The investment cost is €15,8 million. The project relies on artificial intelligence for computer vision, environmental perception and will benefit from Continental's Artificial Intelligence Development Centre in the Hungarian capital which opened in 2018.
The other project will focus on vehicle safety. This development will lead to the creation of 40 jobs. The cost is €6.7 million.
The Continental group already operates several production sites and development sites in Hungary, employing about 8000 workers, through various local subsidiaries. All three main business lines of the conglomerate – automotive industry, tyre industry, and other industrial solutions – are present in the country.
Sources
26 October 2023: Hungarian Investment Promotion Agency (hipa.hu)
Eurofound (2023), Continental Automotive Hungary, Business expansion in Hungary, factsheet number 200474, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/200474.
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