Serbia Home to New Electric Car Parts Factory

Aug. 20, 2010
Yura Corp. sets up shop in Nis

South Korea's Yura Corp. began construction work on August 20 on a new factory in the southern Serbian town of Nis that will produce electrical car parts, officials said.

The Yura Corp., which counts carmakers Hyundai and Kia among its biggest clients, will invest some 15 million euros (US$19.2 million) in the factory, the Serbian economy ministry said.

The Serbian government, which provided the land on which the plant is being built, plans to offer the company reduced payroll taxes.

The factory, which will employ around 1,500 people, is due to begin production next May.

In April, the Yura Corp. bought the ailing Serbian company Zastava Elektro, which makes electrical installations for cars, for three million euros. That was the first direct investment from a Korean firm in Serbia.

Copyright Agence France-Presse, 2010

Popular Sponsored Recommendations

How to Build Zero-Cost On-Site Solar and Storage Projects

Nov. 25, 2023
The Inflation Reduction Act offers tax credits, incentives, and financing that enable no-cost projects. In Enel’s eBook, discover the critical role that incentives play in your...

Electric Vehicles Spark New Opportunities in the Automotive Industry

Dec. 4, 2023
Automakers have increased plans to produce Electric Vehicles to meet customer demand for low emissions. With this radical shift, new opportunities and challenges for the auto ...

Disruptive EV Technologies Are Driving New Supplier Realities

Sept. 20, 2023
Vehicle electrification is upending the automotive landscape, forcing suppliers to make critical strategic and operational decisions. Understand what that means for you in our...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!