FRANKFURT: German auto giant Daimler said Friday it plans to invest an additional 580 million euros ($660 million) in its Mercedes-Benz plant in Hungary where it will build a new generation of compact cars.
"The Mercedes-Benz plant in Kecskemet will produce the next generation of Mercedes-Benz compact cars," Daimler said in a statement.
"By 2018, Daimler will invest around 580 million euros in the technological development and the expansion of the location," which is situated around 70 kilometres (43 miles) south of Budapest.
"This investment is a clear sign of our commitment to this location, and offers good future prospects for the employees in Kecskemet," said site manager and head of Mercedes-Benz' Hungarian operations, Christian Wolff.
"With this investment programme, relations between Mercedes and Hungary are taking on a completely new dimension," said Hungarian Foreign Minister Peter Szijjarto.
The site employs more than 4,000 people and produced around 180,000 cars in 2015.
The Mercedes-Benz B-Class was the first model to roll off the line in Kecskemet in 2013. This was followed in 2014 by the four-door compact CLA Coupe and the CLA Shooting Brake in 2015.
The plant started operation in 2012 and Daimler has invested around one billion euros in the site so far.
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