The European subsidiary of China’s premium electric vehicle maker Nio and the HUMDA Hungarian Mobility Development Agency of the Széchenyi István University group have agreed at a meeting held in the national economy ministry to sign a letter of intent on cooperation, the ministry said on Wednesday. Márton Nagy, the national economy minister, said at the meeting that green energy was the future of the Hungarian economy in households, transport and industry. Hungary’s Competitiveness Strategy published in April 2024 highlights innovative solutions in the vehicle industry and the potential for growth this offered, and the strategic consultations with Nio are a further step in this building process, he added. Nio places great emphasis on forward-looking research and development, including such basic technologies as a unique battery replacement project, he said. The aim of the strategic cooperation is to develop a stable and long-term strategic partnership which can help speed up the green transition in the Hungarian vehicle and energy industries by way of cooperation in innovation and education, he added. László Palkovics, the chairman of the board at the Széchenyi István University Foundation, said that the university, HUMDA and Nio would each contribute their strengths to form a strategic partnership in innovation.