Bryan Zhao, the chairman of the company owned by China Hi-Tech Group Corporation, has told the STA that the loss had been reduced significantly last year with restructuring measures and cost cutting.

The Maribor-based company nevertheless operated in the red in 2017, but the current trends are positive and there is a great possibility for TAM Europe to generate an annual profit for the first time this year.

According to Zhao, the plan is to sell 100 airport buses this year, which is twice as many as last year, and which would make TAM Europe a leading company in the world in this segment.

If the plan materialises, revenue is expected to reach EUR 25m and the end-year profit is expected to stand at EUR 1m.

"Deals have been signed for 37 airport buses, which is the best start of a year for us so far," Zhao said, adding that TAM Europe was close to launching production of electric buses, initially for markets in the Middle East.

According to him, production of airport buses alone cannot generate additional growth, which the company will seek to boost by finding customers for new electric buses, also in Europe and Russia.

The company's management still hopes that the state will find a way to provide support for the project, which is expected to be launched this year.

TAM Europe employs around 150 people, and it will need additional well-trained workers for the production of electric buses.

The UK and Ireland are perceived as potential markets, while Zhao also said that the owners had secured a number of deals in China, where TAM Europe expects to sell around 20 buses this year.