On Tuesday, the Slovak government and Hyundai Mobis signed a memorandum of understanding for the construction of a plant in Novaky, Slovakia, dedicated to producing engines and other components for electric cars. The South Korean company is set to invest more than 170 million euros ($185 million) in this endeavor.
Novaky, situated in western Slovakia, was historically reliant on brown coal mining until the recent closure of all mines and a significant coal-fired power plant in the area. In a bid to support the region's transition away from coal, Prime Minister Robert Fico announced that the government would offer approximately 26 million euros ($28 million) in incentives to Hyundai Mobis for the project.
