The owners and management stressed at Monday's ceremony marking the change of hands that this was proof that they had long-term plans for the plant of former Maribor bus and truck maker TVM.

Although TAM Europe, which rose from the ashes of TVM in 2014 and has taken over the now 70-year-old TAM brand, was allegedly not the only bidder for the premises, the company signed the sale contract in May.

The exact amount paid for the premises of the once proud bus and truck maker has not been disclosed, but the figure EUR 6m has unofficially been floated.

TAM Europe CEO Yu Bryan Zhao said it was very important for the company to have bought the premises as it meant stability and greater development potential.

The company, which focuses on airport buses, currently employs 150 people and plans to expand in the coming years, especially as it launches serial production of electric buses, which Zhao hopes can be done next year.

Around 100 buses a year are now made in Maribor, but according to Zhao the premises would allow for a capacity of up to 500.

Jiangan Wang of CHTC Group, the owner of TAM Europe, said he was happy to see the company was growing each day and was supported by the local community, since they have already invested EUR 40m there.

With the customer base growing beyond Europe to now include the Middle East and South-East Asia, Wang said the next step would be China, as the company was certified this year to enter the Chinese market.

According to Wang, talks were already ongoing with the three biggest Chinese airlines and local authorities where airports are being built.

Currently, Wang stressed the focus was on developing electrical buses and the company's prototype is already used at one of Dubai's two airports.

Interest for electrical buses is high and the company intends to join China's One Belt, One Road initiative with this project, he said.