February 24 (SeeNews) - Japanese electric motor manufacturer Nidec Corporation will open a factory for automotive inverters and electronic control units in Serbia's northern city of Novi Sad in May, president Aleksandar Vucic said.
Vucic made the announcement at the opening of a car parts factory by German car parts manufacturer Continental in Novi Sad on Thursday, as seen in a video posted by public broadcaster RTS.
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In December 2021, Nidec started the construction of an automotive motors plant in Novi Sad as part of plans to expand in Europe. The value of the project, which includes a factory and a research centre, is 1.5 billion euro ($1.6 billion), according to the Development Agency of Serbia.
The automotive motors factory, which will span 59,760 sq m, will employ 1,000 workers following the completion of the first phase of construction, Nidec said in a statement on their website.
($ = 0.9437 euro)