June 21 (SeeNews) - Germany's ZF Friedrichshafen, or ZF Group, started the construction of an electric vehicle (EV) parts factory in Pancevo, in northern Serbia, board member Michael Hankel said on Thursday.
The company plans to recruit some 1,000 people for the new plant,Hankel said during the groundbreaking ceremony, as seen in a video file posted on the website of news agency Tanjug.
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In April, the Pancevo city government said ZF Friedrichshafen plans to invest a total of 85 million euro ($98 million) in the construction of an electric vehicle parts factory.
ZF Friedrichshafen intends to invest 40 million euro in the project in 2019, 25 million euro in 2020 and 20 million euro in 2021, the city government said back in April.
In the first phase of the development of the factory, the German company plans to produce electric shafts for premium original equipment manufacturers, E-Mobility electric motors, electronic and mechatronic gearboxes, microswitches and printed circuit boards.
The company has a global workforce of 146,000 with approximately 230 locations in some 40 countries. In 2017, it recorded sales of 36.4 billion euro.
($ = 0.8672 euro)