2024-01-18 21:00:00
Chinese investors want to support Moroccan production of electric batteries in order to satisfy nearly a quarter of European demand in the short term. Last December, Morocco entered into a strategic partnership with Guchen Hi-Tech, leader in the electric vehicle sector, for a total investment of $6.4 billion. The group expects its production to increase by around 123% in 2024 compared to 2023, which should allow it to reach a record turnover of $3.2 billion.
Read: Electric batteries: a Chinese group plans a giant factory in Morocco
BTR, a subsidiary of the Chinese group Bao’an, plans to invest nearly $490 million in Morocco. These funds will be used to set up a new factory in the Technoparc of Tangier, which should produce around 50,000 tonnes of anode material for lithium-ion batteries per year, reports Hespress. According to projections by the Minister of Industry and Trade, Ryad Mezzour, Morocco should have an electric vehicle production capacity of around 100,000 units per year by 2026.
Read: Electric batteries: Morocco on the verge of becoming a world power
Chinese companies have set their sights on Morocco due to its strategic geographic position, its good relations with Europe and the United States and its economic potential. Furthermore, the Chinese Sentury Tire, one of the major tire manufacturers in the world, also announced last October its intention to open a factory in Tangier.
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