government. This was later increased to €300 million. Fiat pledged not to cut jobs and to pay a backlog in wage payments, saying the plant would become a dedicated Fiat production site with a maximum production capacity of 330,000 units. In the end, the financing consisted of an investment by the government of Serbia of more than €300 million, partially financed from credit of €500 million in credit given by European Investment Bank with Republic of Serbia guarantees for €300 million while €200 million of the same credit line guaranteed by Servizi Assicurativi del Commercio Estero (SACE). While the joint venture contract is not publicized, Fiat is exempt from employee income tax and social security contributions, Serbia's profit tax for 10 years from the first year, and property taxes, among others. In 2013, wages at Fiat were one fifth of Italian wages and one third of Polish wages. Kragujevac also offers beneficial transport links and close proximity to European markets. North American models are exported by rail and ship from the port of Bar, Montenegro. When FAS became a subsidiary of Fiat Chrysler Automobiles in 2014, the factory was renamed FCA Serbia (FCAS). The original joint venture agreement between Serbia and Fiat expired on 31 December 2018, but got renewed. In 2018, FCA Srbija was Serbia's second largest (gross) exporter, at €714.1 — behind HBIS Group, owner of Smederevo Ironworks. In 2021, following FCA merger into Stellantis, the Serbian company has been renamed Fiat Serbia. Plant Between 2010 and 2012, Fiat Chrysler Automobiles and the Government of Serbia invested more than €500 million and spent three years upgrading the plant infrastructure, restored its buildings, developed new production departments and installed state of the art machinery and production systems. The renovated Kregujevac plant incorporates 51 buildings total and five primary process-related buildings — with an area of approximately 220,000 square meters covering more than 140 hectares adjacent to the Lepenica river. Renovation included architectural, structural, geo-technical, mechanical, and electrical work as well as public health design, seismic retrofit design, fluid tank design, and pipe-rack bridge design. The new work included planting 1,000 native trees in the factory area and creating a bio-lake hosting several endangered species. In 2013 the plant employed 3,800 workers with an average age of 30, and incorporates "World Class Manufacturing" standards at the silver level. The Fiat headquarters (building 18c) has a ground floor museum, a permanent