ORADEA, Romania — Nokian Tyres P.L.C. will receive nearly $110 million (99.5 million Euros) grant from the European Commission to help fund its new tire factory in Oradea.
The money will support Nokian's zero carbon dioxide emission factory that will make passenger car tires.According to the European Commission, the measure will help foster the EU's "strategic objectives relating to job creation, regional development and to the green transition of the regional economy."
According to Nokian, its total investment in the facility is $717 million (650 million Euros). Construction was started in May of 2023, and once it is completed, the facility is expected to produce 6 million tires per year, with expansion likely in the future.
Nokian produced the first tire at the factory on July 1. Commercial production is expected to start in early 2025.
The project will create approximately 500 direct jobs, in addition to indirect jobs, the EU Commission said.
