South Korean automotive components manufacturer Kyungshin Cable might open its new factory in Serbia's Smederevska Palanka ahead of schedule, in February or March, mayor Nikola Vucen said, according to SeeNews.

"The factory was planned to start production in August next year, but as things stand now, this could happen in late February or early March," Vucen said in a statement cited by the media outlet.

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Kyungshin Cable, which is investing EUR25m (US$29.1m) in the project, expects all construction works to be completed by the end of October and after that the installation of machines and production lines will begin, Vucen said.

The company started construction of the factory in May and plans to hire 700 employees in the first phase of its development. 

Kyungshin Cable operates within the Kyungshin Group and manufactures electronic components for the automotive industry, mainly cable sets for automakers such as Hyundai, Kia, Volkswagen, Ford, Volvo, and BMW.

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