3:35 8 November 2024
Izera’s electric car project in trouble
Polish electric car project Izera, led by ElektroMobility Poland (EMP), is struggling to secure financing as it faces the end of a two-year partnership with Chinese manufacturer Geely. With €2-3 billion needed to complete the factory and a recent €580 million raised from state-owned sources, EMP is still short on funds. While the Ministry of State Assets (MAP) is working to accelerate funding from Poland’s National Recovery Plan and secure debt financing, EMP’s president warns of potential delays that could lead Geely to reconsider its involvement.
Geely’s involvement also risks being influenced by rising EU tariffs on Chinese electric vehicles and pressure from Beijing to suspend European investments. This policy shift recently prompted Stellantis-backed Leapmotor to halt its plans in Poland, signaling potential challenges for Izera.
EMP’s new management has revamped the project with a focus on risk mitigation, local job creation, and engaging Polish suppliers. As EMP finalizes the investment agreement, they emphasize that delays could impact both Izera’s market entry and Geely’s European ambitions.
