The Green Tech Group founded by Chinese investor Karl Soong, who wanted to buy Rimac, and Croatian entrepreneur Mladen Ninčević is planning to establish an EV factory in Croatia. They bought the grounds already and the plant is to be set up over the next ten years.
The decision by Green Tech Group to set up shop in Croatia is down to them wanting to sell electric cars and scooters in Central and Eastern Europe. For Karl Soong it is the second attempt to get a hold in the country. The owner of China’s Poly International Group had wanted to take over Croatian super car maker Rimac some time ago but was rejected (we reported).
Now he is back as Green Tech Group but the town of Kula Norinska they opted for to set up production is rather small. Still the land they acquired measures 53 hectares and the acquisition cost the two investors 16 million kuna (about 2m euros) following a public tender. The municipality is to reinvest the money in infrastructure in order to enable trading across the region. The town borders on Bosnia Herzegovina.
Construction of the electric vehicle factory will take place in three stages laid out over the next ten years. The plan is for Soong and Ninčević to pour up to 100 million euros into the factory – a strategic investment for the region. However, nobody of the Green Tech Group has attempted to get support from the government, according to information from Total Croatia. The Ministry of Economy of Croatia could have lend them the official title of strategic investor otherwise, which carries benefits.
It remains to be seen at what point Green Tech Group will really built and sell electric vehicles in Croatia. For now it all hinges on infrastructure. Plus, they will also have to come up with technologies and actual products to sell and so far no further details have been made public.
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