Source: eKapija | Tuesday, 26.10.2021.| 10:24
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State Aid Approved for Chinese Xingyu Which Will Build New Factory in Nis – EUR 60 Million to be Invested in Facility for Production of Vehicle LED Lights

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Illustration (Photo: Kichigin/shutterstock.com)
The Commission for State Aid Control of the Republic of Serbia has announced that the aid that is to be provided to the company Xingyu Automotive Lighting Systems, in the form of providing building land without a compensation for the realization of an investment in Nis, is in line with the rules.

The awarding of building land without a compensation is a support to the construction of the vehicle lighting factory that is to be built on an area of 29,820 m2.

According to the explanation of the decision, EUR 60 million will be invested in the new factory for the production of LED lighting for vehicles and 1,000 workers will be employed in the first 5 years. Of the total investment, EUR 32.7 million is planned to be invested in the construction of the production facility itself, EUR 19.6 million is meant for the purchase of new equipment, and EUR 7.5 million is meant for the procurement and equipping of land.

For this investment, the total state aid provided by Serbia will amount to EUR 16.6 million, that is, 27.7%, because, last year, an aid worth EUR 16.4 million, in the form of incentives, was already approved.

The decision says that Xingyu in Nis is part of the Changzhou Xingyu Automotive Lighting Systems Co. It has three facilities for the production of vehicle lighting in China, and the company’s 2019 operating income was EUR 526.2 million, with 5,000 employees.

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