Germany’s ZF Group has stated its intent to invest 85 million euros to built an electric vehicle component factory in Pancevo, in northern Serbia. The project will be scaled up in stages from 2019 and ultimately employ up to a 1,000 people.
ZF Friedrichshafen plans to invest 40 million euros in 2019, 25 million euros in 2020 and 20 million euro in 2021, to construct a factory with a footprint of 25,000 square metres on a land plot of 10.8 hectares, the city government of Pancevo has said.
In the first phase of development, the German company plans to produce electric shafts for premium OEMs, electric motors, electronic and mechatronic gearboxes, microswitches and printed circuit boards with a growing work force.
The second stage of development is to start in 2022 when ZF will begin to build another production unit covering 25,000 square metres and increasing the number of employees to up to 1,000.
Globally, the ZF Groups can be found at 230 locations in 40 countries. The latest move is part of an overall investment strategy with a focus on electric mobility for which ZF has earmarked 2 billion euros.