Huizhong to invest at least EUR 33.5 million in vehicle chassis manufacture in Novi Sad – State to provide over EUR 5 million in subsidies

The Ministry of Economy has signed an agreement with the company Huizhong Automotive Chassis Europe Limited on the granting of incentives for the implementation of an investment project in Novi Sad, which includes the purchase of equipment and the launch of vehicle chassis manufacture.

Under the agreement, the investor has committed to investing at least EUR 33,509,500 in the project, while the projected wage costs for newly hired employees, over a two-year period following the attainment of full employment, are set at a minimum of EUR 1,745,408. By the end of 2029, the company is required to hire at least 50 new employees on permanent contracts.

Through this agreement, the state has approved a total of EUR 5,026,425 in subsidies, representing, as stated, 15% of the eligible investment costs in tangible and intangible assets. The funds will be disbursed in four tranches, in the dinar equivalent calculated at the National Bank of Serbia's middle exchange rate on the date the application is submitted.

The agreement stipulates that the investment is to be realized through the purchase of necessary equipment and the commencement of vehicle chassis manufacture in Novi Sad. Furthermore, the company is obligated to ensure that, throughout the project implementation period, the number of employees does not fall below the agreed-upon level, and to maintain the value of the tangible and intangible assets associated with the project.

The agreement was signed in Belgrade on June 10, 2026, by Minister of Economy Adrijana Mesarovic and the director of the company, Min Gong.

Ministarstvo privrede Republike Srbije

Huizhong Automobile Chassis System Europe Limited Company doo Novi Sad

Ministry of Economy

Huizhong Automotive Chassis Europe Limited

Shanghai Huizhong Automotive Manufacturing Novi Sad

Adrijana Mesarović

Min Gong