The German company ZF Friedrichshafen started building an electric powertrain factory in Pancevo, in which EUR 160 million will be invested and where up to 1,000 workers are to be employed.
The City of Pancevo let the German investor use construction land in the North Business Zone for free.
The first investment phase will be realized by 2021, and it entails the construction of a 25,000-m2 facility on 10,8 hectares and the creation of 540 jobs.
In the second phase, from 2022, the location would be expanded and another facility of 25,000 square meters would be built.
ZF Friedrichshafen employs more than 140,000 people in 230 locations in 40 countries, and its last year's revenues amounted to EUR 36.4 billion.