SARAJEVO, (Reuters) – Serbia signed a 190million euro ($199.67 Million) agreement with Stellantis in Franco-Italian for production of an electric car at Kragujevac’s car manufacturing plant.

After the ceremony, President Aleksandar Vucic declared that “a new era began today.” He suggested that production of electric vehicles should be started at the beginning 2024.

Fiat Chrysler (FCA), a part of Stellantis produces motor cars at Kragujevac and is one of the top ten exporters from Serbia.

Vucic indicated that Serbia has yet to produce electric cars and will be looking at opening charging stations for local customers.

Vucic stated, “We need to get cheaper electricity. To do that, we must have more renewable energy.”

He claimed that Serbia will invest 48 million euros.

($1 = 0.9516 euros)