Slovenia grants financial incentive for the Chinese-owned bus manufacturer TAM Durabus.
The Slovenian government approved on Wednesday a 2-million-euro ($2.48 million) financial incentive for the Chinese-owned bus manufacturer TAM Durabus.
The Government Communication Office said in an official statement the approval of the incentive had been delayed several months due to a change in government.
The Maribor-based TAM Durabus, which relaunched bus production in the spring of 2013 after years of suspension due to financial problems, will use the government money to start the electric bus project which is estimated to cost 8 million euros.
The financial incentive, which is due to be paid out in 2015, will be paid off multiple times as the company is expected to contribute 5.2 million euros in corporate income tax in the next four years, said the Government Communication Office.
Currently, TAM Durabus, a solely Chinese-owned manufacturing company in Slovenia, has some 200 workers. It plans to create an additional 100 jobs in the next three years.
The bus maker produced 80 airport buses in 2014, and the production of 120 of the airport buses plus 40 coaches are planned the next year, according to a source from the company.