Gov't Approves €6.36 mn in Stimuli for Wia Slovakia's New Plant near Zilina

Bratislava, May 2 (TASR) - Korean company Wia Slovakia will receive investment stimuli amounting to €6.36 million in the form of corporate-tax relief for a plant for manufacturing drive shafts for electric cars that it plans to open in Dolny Hricov (Zilina region), according to a proposal for the provision of investment stimuli approved by the government at its session on Thursday. A technological centre for developing other drive shaft prototypes should be built as part of the project as well. Wia Slovakia is a subsidiary of Korean company Hyundai Wia Corporation. It plans to invest €58.23 million in the plant's machinery, equipment, licences and rental of buildings. The investment should create 231 new jobs by 2029. Wia Slovakia was set up in April 2023 and is the first corporate entity of Hyundai Wia Corporation to operate a production plant in the EU. ko/df