Chinese giant to save Neobus - Yutong plans strategic partnership with Novi Sad-based company

The world's largest bus manufacturer, Chinese conglomerate Yutong, plans to enter into strategic partnership with Novi Sad-based Neobus, Radio 021 reports.

As Neobus' representative Zoran Kijac confirmed to 021, the model by which that Chinese company invests its capital in Neobus would be very similar to Kragujevac-based Zastava's agreement with Fiat. Namely, Yutong would be sending money and parts to Novi Sad as well as securing markets for buses.

- It has been agreed that Yutong supplies all elements for buses assembled by our workers at the factory - said Kijac.

The previous majority owner, Sheikh Maghrabi Mohammedali from Saudi Arabia, is not interested in staying at the head of the company that went bankrupt in November, and he agrees to sell his stake in the factory to Yutong.

The Board of Creditors has given the green light to the Chinese investment in the Novi Sad-based company, and the arrival of Yutong is also welcomed by workers, Milko Drobnjakovic, president of Neobus' Solidarnost trade union, told 021.