Minth Holdings to Invest €950 Million in Serbia for New Factories

According to foreign media reports, the Serbian Ministry of Economy recently announced that Chinese auto parts manufacturer Minth Holdings Limited will invest €950 million (approximately $1.1 billion) to build two new factories in Serbia over the next five years. The factories will be located in the southern city of Leskovac and the central town of Cuprija, creating a total of 2,800 jobs. Previously, Serbia signed a memorandum of understanding with Minth Holdings for this project. Since entering Serbia in 2018, Minth has established auto parts factories in Loznica and Sabac in western Serbia, employing 3,500 staff. Last July, the Serbian government approved an agreement for Minth to invest €870 million over ten years to establish a new factory in the northern town of Indjija, creating 2,200 jobs there. Indjija's mayor, Marko Gasic, recently posted a video on social media expressing his expectation that Minth will open this factory in the coming years. These investments highlight Serbia's gradual emergence as an important manufacturing base for global automotive and parts manufacturers. Serbia's improving macroeconomic conditions and investment policies have attracted substantial foreign direct investment, especially from Chinese companies looking to enter the European market. Earlier this month, German auto parts manufacturer PWO opened a factory in Serbia, and Chinese auto parts producer Zhejiang Youcheng Plastic Mould Co., Ltd. announced plans to build a second factory in the country. However, around the same time, German wiring system manufacturer Leoni announced it would close one of its four factories in Serbia. Founded in 1992 and headquartered in Ningbo, Minth primarily produces automotive exterior and structural components. According to its 2024 Environmental, Social, and Governance (ESG) report, the company is the world's largest supplier of battery housings and body structural components, serving over 70 automotive brands, including Ford, Volkswagen, Audi, Fiat, Mercedes-Benz, BMW, and Nissan. The group has over 25,000 employees, divided into four business sectors, with 77 factories and offices in 14 countries. Its annual financial statements indicate that Minth's revenue for 2024 is projected to be 23.15 billion RMB (approximately $3.2 billion/€2.8 billion), with a net profit of 2.38 billion RMB. According to its 2024 annual report, Minth operates in Serbia through six wholly-owned subsidiaries, including Minth Automotive Europe, which deals with light metal casting; Minth Automobile Parts Balkan and Minth Metal Parts Balkan, which produce auto parts; Minal Europe Green Material, which manufactures aluminum products; Minth JG - IBS Energy, which engages in engineering and technical consulting; and Apollo Green Energy Systems, which produces photovoltaic panels. The annual financial report of Minth's Serbian subsidiaries shows that their total operating income for 2024 is approximately 54.2 billion dinars (around $536 million/€461 million), with a total net profit of 5.2 billion dinars.