An investment agreement of 50 million euros will be signed in Morocco in January 2023 for the creation of a production plant for a local brand of cars, announced the Minister of Industry and Trade, Ryad Mezzour, in a statement to the Saudi newspaper “Asharq”.
December 28, 2022 at 4:40 p.m.
Modified December 28, 2022 at 5:23 p.m.
An investment agreement of 50 million euros will be signed in Morocco in January 2023 for the creation of a production plant for a local brand of cars, announced the Minister of Industry and Trade, Ryad Mezzour, in a statement to the Saudi newspaper “Asharq”.
The minister noted that the new factory will be set up thanks to a 100% Moroccan investment, to be added to the industrial units of Renault and Stellantis, which have an annual production capacity of 700,000 cars, including 50,000 electric vehicles.
This first Moroccan investment in this area will have an annual production capacity of 3,000 cars, before reaching a rate of 20,000 vehicles following four years, Mezzour said, adding that the announcement of the brand of the new car was up to investors.
The new brand is currently in the final licensing stage following successfully passing all the tests and trials, he said. The production will be intended for the local market initially.
The factory, which does not provide a production line for electric cars, will only produce fuel-powered cars, the Moroccan minister said. In total, 50 million euros will be invested over three years, excluding operating costs.
