Mobility

China’s Yinlong to buy 51% of bus maker Ikarbus, produce electric vehicles – GM

Photo: Yinlong

Published

January 10, 2019

Country

Comments

0

Share

Published:

January 10, 2019

Country:

Comments:

0

Share

China’s Yinlong is expected to buy a 51% stake in Serbian bus manufacturer Ikarbus in mid-June and expand its product portfolio to electric vehicles, Ikarbus General Manager Aleksandar Vićentić has said.

Ikarbus’ privatization has already begun under the bus maker’s prepackaged bankruptcy, Vićentić told Tanjug, eKapija reported.

After Yinlong buys 51% of Ikarbus, 26% will remain state-owned and the rest in the hands of small shareholders, he said, noting that the Chinese company will also assume around EUR 9.5 million in Ikarbus’ debts.

Yinlong is one of the world’s top producers of batteries for electric vehicles and a major manufacturer of electric buses, electric trucks, and electric light commercial vehicles, and it plans for Ikarbus to make electric vehicles initially for buyers in South-East Europe and later the rest of the continent, according to Vićentić.

According to Vićentić, Ikarbus’ capacities have been under-utilized since 2018. The company is currently working on seven buses for a buyer in Hungary and two buses for local buyers, while it is also doing major overhauls for Belgrade’s public transit operator, Gradsko Saobraćajno Preduzeće (GSP) Beograd.

Vićentić also said that Ikarbus now has 120 employees, after 140, mainly older workers, applied for severance payments of EUR 200 per year of service under a social welfare program in late 2018.

According to an earlier report, buyers of Ikarbus’ electric buses would include GSP Beograd, while the Chinese investor also intends to build a battery factory in Serbia.

Ikarbus’ production of electric buses would potentially lead to the construction of many smaller plants to be the project’s suppliers.

EV parts plant to launch operations in 2019

In other e-mobility news in Serbia, German car parts maker ZF Friedrichshafen AG, is building a plant in Pančevo close to the capital Belgrade to produce powertrain components for hybrid and electric vehicles (EV) under a EUR 160 million project.

Starting in 2019, the plant will focus on the production of electric motors and generators for hybrid and electric drives, as well as other components.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

Szijjarto No responsible green energy policy without nuclear power electric mobility

Szijjártó: No responsible green energy policy without nuclear power, electric mobility

13 May 2024 - Energy policy has become a hostage of ideological debates and hypocrisy, Hungary's Minister of Foreign Affairs and Trade Péter Szijjártó said at Belgrade Energy Forum

Croatia Airlines made first flights with sustainable aviation fuel

Croatia Airlines completes first flights with sustainable aviation fuel

22 April 2024 - The use of SAF is part of preparations for mandatory use in the European Union, scheduled to start in 2025

eu grants cef afif sustainable transport

EU awards EUR 9 million to four sustainable transport projects in Bulgaria, Greece, Slovenia

18 April 2024 - The EU has awarded EUR 424 million to 42 sustainable transport projects including one in Bulgaria, two in Slovenia, and one in Greece

eu ev charging points chargers targets transport environment

EU triples number of EV chargers in three years

18 April 2024 - The EU has recorded a threefold increase in the number of electric vehicle public chargers, according to T&E's new analysis