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EuropeBulgaria will produce electric cars

Bulgaria will produce electric cars

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The Minister of Economy Kiril Petkov and representatives of the German manufacturer of electric cars Next.e.GO signed a memorandum for the construction of a plant for the production of electric cars. The factory will be located on the site of the Balkan plant in Lovech and will have to operate for up to 2 years. The planned capacity is 20,000 cars per year, and the investor plans to seriously exceed this number.

The value of the investment is 140 million euros. In addition, the Bulgarian state does not commit to any preliminary financial incentives until the plant exceeds the bar of 10,000 cars produced.

“Not a single lev will be given until the production starts. Incentives will be given when they produce and sell 10,000 cars. The second stage is 20,000 cars. For the first time we are doing so that the Bulgarian state does not take risks. In the end. the incentives we will give will be much less than what we will receive as taxes “, Minister Petkov reported.

In particular – the state will give an incentive of 30 million euros when the capacity of the plant reaches 20,000 cars produced and sold annually, he said when asked by News.bg.

Bulgaria has been in competition with three other Balkan countries to attract the German automaker. Our advantage was not in the incentives we promised, but in the added value we offer, said the head of the economic department. And in particular – most of the suppliers are located in Bulgaria, and most importantly – many of the parts are produced again in our country.

“With another thing that attracted them – a promise of zero corruption. A promise that the state does not hinder them at any stage,” said Minister Petkov.

For now, the plans are to produce two models of the company in Lovech. However, the intention of the investor is to expand the portfolio significantly, but this will be done in stages, Ali Vesvai from the board of directors of the German automaker answered a question from News.bg.

A total of 602 companies from around the world have shown interest in our country, Petkov said. Of these, 129 have sent letters with direct investment intentions, 218 have expressed interest, and 255 want to explore possible cooperation.

“To my surprise, during these 5 weeks we received 602 letters from companies from all over the world,” boasted the head of the Bulgarian economic ministry.

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