German electric car launch Next e.Go Mobile will invest 140 million euros ($ 166 million) in a Bulgarian car production plant, the country’s economy minister Kiril Petkov said on Saturday.
The next e.Go Mobile plans to start producing electric cars in the north of Lovech in two years and will employ about 1,000 people, Petkov told Reporters after signing a new investment memorandum with the company.
The launch is located at the lower end of the electric vehicle market, creating low-budget cars that would be cheap for the general population. It plans to produce its E.Go Life and E.Go Life Cross models in Bulgaria.
“We want to ensure that people have affordable, clean and sustainable mobility,” Ali Vezvaei, chairman of the board of directors of Next e.GO, told Reporters.
Bulgaria, a member of the European Union, has established itself as a hub for car parts producers. Petkov said the government will provide a total of 34 million euros in support to Next e.Go Mobile in three installments.
The first part will be paid when the company starts producing electric cars and the last will be paid when sales reach 20,000 cars a year, he said.
This story was published without a change in text from a wireless agency feed.