Milara is making a 10 million euro investment to start mass production of electric trucks in Plovdiv. Together with Sevik System CE we are entering a partnership and we will start assembling electric trucks in Bulgaria with a goal of 260 trucks for 2019. During 2020 we will start full design and manufacturing of vehicles in our production facility.
As stated publicly by our owner Krasi Petkov, we are already started the process of buying 5 thousand square meters of land and machinery for the new production. Through the construction of a production base, with the entire amount of investment should reach 10 million euros, of which more than 3 million will be borrowed capital OTP.
Separately Mr. Petkov and his business partner Jordan Naidenov made a personal investment of 4 million euros in the European branch of the Sevic system, acquiring 10% of the company.