Serbia signs $200 million deal with Stellantis for electric cars production

Serbia signed a 190 million euro ($200.77 million) deal on Thursday with Franco-Italian automaker Stellantis for producing an electric vehicle at its manufacturing plant located in Kragujevac.

“A new era begins today,” said President Aleksandar Vucic after the signing ceremony.

Vucic said electric vehicle production should start in 2024.

Stellantis produces motor vehicles at the Kragujevac plant in the country.

Serbia has not yet produced electric cars, but it will have to consider the opening of numerous charging stations to attract domestic buyers.

“We have to secure cheaper electricity and to achieve that we have to have more renewable energy,” Vucic said.

Serbia is going participate in the investment with 48 million euros, Vucic said.