BELGRADE (Serbia), April 26 (SeeNews) - South Korean automotive components manufacturer Kyungshin Cable opened a 20 million euro ($24 million) factory in Serbia's Smederevska Palanka on April 24, the Serbian President's Office said.
The factory, located in the Guberas industrial park near Smederevska Palanka, has 249 employees, as Kyungshin Cable intends to increase their number to 700 by 2022, the Serbian President's Office said in a statement on Saturday.
Kyungshin Cable will produce parts for electric vehicles batteries for the European market at the factory, the Serbian President's Office said
Kyungshin Cable started the construction of the factory in May 2020 and initially planned to start production in August 2021.
The company operates within the Kyungshin Group and manufactures electronic components for the automotive industry, mainly cable sets for manufacturers such as Hyundai, Kia, Volkswagen, Ford, Volvo, and BMW.
($ = 0.8265 euro)