Hungary signs MoU on KAMAZ R&D and production bases

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The Hungarian Ministry of Innovation and Technology has signed a memorandum of understanding with the management of the Russian truck manufacturer KAMAZ on the creation of a local R&D base for electric vehicles and, later, a factory for production, according to a report by state news wire MTI.

KAMAZ will launch its R&D base in Hungary this year, with a staff of 65 engineers, the Ministry of Innovation and Technology said. The number of engineers at the base will double to 130 by 2024, he added.

The Russian company could start production in Hungary as early as 2025, producing 32,000 electric vehicles per year. By 2030, production at the local base could approach 10 times that number.

Hungary and KAMAZ could set up a joint venture to implement the plans, the ministry said.

The MoU was signed by Minister of Innovation and Technology László Palkovics and Igor Povarazdnyuk, who heads KAMA JSC, a company KAMAZ launched to manufacture electric vehicles.

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