Slovakia could have another carmaker on its already soil. Chinese Zhi Dou, a producer of electric cars, has narrowed down its choice on where to build a European factory to Slovakia or Romania, the daily Hospodarske noviny reported on April 24.
For Slovakia, the entry of another carmaker would be significant especially for two reasons: the factory would be in eastern Slovakia – in the regional capital Kosice – which is still economically underdeveloped; the entry of an electric carmaker would diversify the industry but not address the Slovak dependency on it.
Romania, meanwhile, has the upper hand in terms of offering subsidies, which can reach up to 50% of the investment. Slovakia offers up to 35%. Zhi Dou could also save on labour costs there, as in Slovakia falling unemployment is pushing wages up significantly.
Slovakia is the top car producer worldwide in per capita terms, which could also be a positive factor in the Chinese company's decision-making.
Another possible carmaker on Slovak market is German luxury carmaker BMW, long rumoured to be considering a move to the central European country. Company spokesperson Sandra Schillmoller said BMW is looking to build a new factory and further expansion can’t be ruled out.
The European Bank for Reconstruction and Development (EBRD), the European Union, and ILX Management, an emerging market asset manager, have joined forces to enhance private-sector finance in Emerging ... more
Momentum is building behind calls for the EU to impose a ban on Russian LNG, even though doing so could make it harder for the bloc to stock up on gas supplies before next winter. The EU has ... more
In an effort to mitigate the energy crisis in 2022 the EU has introduced a raft of reforms to better preserve its gas supplies, but with the International Energy Agency (IEA) predicting there will be ... more