Japan's Nidec will spend about 200 billion yen (USD 1.9 billion) to build an electric vehicle motor factory in Serbia, the Tokyo-based Nikkei has learned.
Let us remind that, in September, the mayor of Novi Sad, Milos Vucevic, stated that the Japanese investment could be worth up to a billion dollars
The motor manufacturer is apparently in the final stages of talks with local authorities
on plans for the factory and an accompanying research center, as the company looks to expand its foothold in Europe, whose EV market rivals that of China, Nikkei says.
The new plant will reach annual output between 200,000 units and 300,000 units by 2023, and the Serbian facility will become one of the company's largest production hubs in Europe, it is added in the article cited on the SeeNews portal.
They further remind that the Cabinet of the President of Serbia, Aleksandar Vucic, announced in September that Nidec was considering an investment in the construction of a factory in Novi Sad, which might begin operating in 2021.
The president of the Japanese company, Yun Seki, visited Serbia in September, on which occasion he discussed the potential investment with Vucic.
The delegation of Nidec, led by Seki, also visited the North 4 area in the Novi Sad Industrial Zone at the time, exploring potential locations for the project.
The mayor of Novi Sad, Milos Vucevic, stated at the time that the city was ready to be a serious partner for the Japanese investor and that he believed that they had managed to convince the Nidec delegation that Serbia and Novi Sad provided the best conditions for their investments, as well as comparative advantages compared to some other locations in Europe.
– They announced that they would make the final decision in early 2021, but president Vucic asked them to do so by the end of the year – Vucevic said after talking to the heads of Nidec in September.
Nidec is a leading Japanese company in the field of production of electric motors and has the largest share in the global market when it comes to the tiny spindle motors that power hard-disk drives.
As of 2017, the company has 296 subsidiaries in Japan, as well as across Asia, Europe and America.