A Chinese company and a Slovak partner invest 1.2 billion euros in an electric vehicle battery plant in Slovakia
Kyiv • UNN
A Chinese high-tech company and Slovak partner InoBat are investing 1.2 billion euros to build an electric vehicle battery plant in Slovakia with an initial annual capacity of 20 gigawatt-hours.
Chinese company Got in High Tech and Slovak partner InoBat are investing 1.2 billion euros (доларів 1.29 billion) in the construction of a battery factory for electric vehicles (m) in Slovakia, Economy Minister Denisa Sakova said on Thursday, Reuters reports, UNN writes.
Details
The consortium will receive 150 million euros in subsidies and 64 million euros in tax benefits, Sakova said.
In November last year, the companies announced that they intend to build a plant for the production of batteries for electric vehicles with a total annual capacity of 20 gigawatt-hours at the initial stage.
Production is scheduled to start in early 2027, and full capacity will be reached in mid-2027.
According to Smakova, this investment will be the second largest in Slovakia's history and will help the country as the automotive sector becomes electric.
Addition
Automobile production is major sector in Slovakia's economy.
Countries have lined up to win investment in the sector amid European efforts to boost its EV battery industry and reduce reliance on dominant Asian battery makers.
