Taiwanese bicycle makers Giant Manufacturing Co. has revealed that it plans to spend 15 million euros to build a new plant in northern Hungary.
According to reports, the manufacturer has chosen the site "to cement its position in the European market", which will provide jobs for both locals and international workers.
The company's sales to Europe are expected to hit a double-digit percentage growth this year as the demand for electric models intensifies.
Chairwoman Bonnie Tu said in a statement that Giant chose Hungary as a base because of its "favorable location and well-developed transportation network", which could help the company expand its sales channels in eastern Europe.
The new plant in Gyöngyös will span 22 hectares and will be able to supply 300,000 bicycles per year.
The facility will be built in three stages at a total cost of 48 million euros.