Project expected to further e.GO’s decentralized growth strategy, leveraging the Company’s disruptive production system and game-changing approach to manufacturing
AACHEN, Germany – e.GO, an innovative producer of urban electric vehicles leveraging its disruptive MicroFactory production system, announced today that it has entered into an agreement with the Republic of North Macedonia to build a MicroFactory in the country’s Technological Industrial Development Zones (“TIDZ”), near the city of Tetovo. Once in production, the North Macedonian MicroFactory will be the Company’s 3rd MicroFactory worldwide, with the 1st being the in-production Aachen, Germany MicroFactory and the 2nd being the in-progress MicroFactory in Bulgaria.
During a public ceremony at the project site attended by several North Macedonian state officials, including Prime Minister Dimitar Kovacevski, Minister of Finance Fatmir Besimi, Minister of Economy Kreshnik Bekteshi and the Director of TIDZ, Jovan Despotovski, the parties signed a definitive agreement, based on which e.GO plans to build a MicroFactory production facility for its battery electric vehicles with an expected capacity of up to 30,000 vehicles per year. Start of production of the new facility is currently projected to be in the last quarter of 2024. The project is intended to create up to 900 new jobs in the country.
“This investment is of great importance for the state, but also for the local economy and the development of human potential in Tetovo and in the country. With this significant investment, North Macedonia once again confirms that it is a country that offers excellent conditions for investors, with a stable economic and political climate in which international companies like e.GO have a trusted partner,” said Demitar Kovacevski, the Prime Minister of the Republic of North Macedonia.
“This agreement is another key milestone in e.GO’s global growth and underscores the intrinsic value of our disruptive technology and innovation. We are truly excited to expand our production footprint to the Republic of North Macedonia, following our progress in Bulgaria. Our strategic focus in South East Europe is based on our conviction as to the region’s competitive eco-system, attractive investment climate and access to driven and talented human capital,” said Ali Vezvaei, Chairman of the board of e.GO.
“Large investments have a snowball effect. Brands attract new investments, both foreign and domestic. They create new value, strengthen exports by changing their structure towards products with greater added value, create new jobs and influence the acceleration of economic activity and economic development. Our determination as the Government is to support and promote foreign investors who will be able to ensure this effect and who will above all bring benefits to our citizens, domestic companies and the economy,” said Fatmir Besimi, the Minister of Finance of the Republic of North Macedonia.
“The new concept of Technology & Industrial Development Zones delivers concrete results. After only 18 months, we have the second investment of over 100 million euros. We have shown that North Macedonia is no longer just a country of competitive labor but is on the map of countries that have the capacity and requirements for large investments. Since the beginning of the year, we have 1,100 new jobs in the TIDZ companies, and the company, e.GO, is expected to create nearly 900 well-paying jobs. At the beginning of my mandate, we promised European jobs and opportunities for young people. With such projects, we will provide our children with a prosperous future, here at home,” said Jovan Kovacevski, the Director of Technological Industrial Development Zones of the Republic of North Macedonia.
e.GO is focused on accelerating the transition to zero-emission urban mobility and helping cities and their people change the way they move around for the better. Committed to innovation with practicality and purpose, e.GO has developed a unique battery electric vehicle platform as well as a revolutionary production system, which e.GO refers to as a MicroFactory, that, combined with its “Industry 4.0” digital architecture, is intended to enable the Company to develop and produce vehicles in shorter periods of time and with considerably lower investment as compared to traditional vehicle OEM processes. e.GO aims to accomplish this while offering economic value add by engaging local communities, developing local talent and increasing local sourcing of materials.
