The construction of the factory of Kyungshin Cable Europe in Smederevska Palanka has begun with the official ceremony of the laying of the foundation stone.
The investment of Kyungshin Cables Europe is worth more than EUR 20 million and entails the construction of the facility in the Guberas industrial zone, where 700 to 1,000 workers will be employed gradually. The production is expected to begin in 2021.
– Kyungshin Cable Europe is a combination of our long-term experience and orientation toward new technologies. Electric vehicles are the future of the automotive industry, and their sales are expected to reach the number of 16 million vehicles globally by 2025. The company will produce components for electric cars in Smederevska Palanka and build the future in Serbia – emphasized Jae-Keun Seo, the general manager of Kyungshin Cable Europe.
The ceremony was attended by the president of Serbia, Aleksandar Vucic, the ambassador of the Republic of Korea to Serbia, Hyong-chan Choe, the president of the municipality of Smederevska Palanka, Nikola Vucen, and representatives of the diplomatic corps and local and state authorities.
Kyungshin Cables, founded in 1974, is the leader in the Korean market of electronic parts for the automotive industry.
The company's core activities have expanded from wiring systems to the production of car parts for high- and low-voltage electric vehicles, in line with the new trends in the automotive industry.
In Smederevska Palanka, the company will produce parts for traditional cars, but also components for batteries on which high-tech cars run.
Kyungshin Cables Europe is a member of Kyungshin Group, whose facilities are located in numerous states worldwide, including the USA, Mexico, China, Poland, South Korea and others. Since 2018, the company has been expanding more intensively in Europe, and the factory in Smederevska Palanka will be a European hub.
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