Kyungshin Cable has opened a EUR20m (US$24m) factory in Serbia's Smederevska Palanka, the Serbian president's office told local media.

The factory, located in the Guberas industrial park near Smederevska Palanka, has 249 employees and Kyungshin Cable intends to increase the payroll to 700 by 2022, the office said in a statement cited by

The factory will produce parts for electric vehicle batteries for Europe.

Kyungshin Cable started construction in May 2020 and planned initially to start production in August 2021.

The company is part of Kyungshin Group and makes electronic components for the automotive industry, mainly cable sets for Hyundai, Kia, Volkswagen, Ford, Volvo, and BMW.

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