Nidec Corporation would invest EUR1.5bn euro ($1.8bn) to build an automotive electric motor and inverter factory in Novi Sad, in northern Serbia, a media report said. "In the first phase alone, Nidec will employ 480 people and their income will be significantly higher than the average in Serbia," Serbian president Aleksandar Vucic said after meeting with Nidec officials in Belgrade on Friday, according to a statement quoted by SeeNews.com. Construction is scheduled to begin in September with completion by mid-2022, the company said in a separate statement. The factory will have a 59,760 sq m factory for the motors and a 36,000 sq m plant for inverters. They will initially employ 1,000 and 200 people, respectively,