2023-05-31 15:03:50
An investment of 65 billion dirhams and more than 25,000 jobs
Industry: The Sino-European group GOTION High-Tech, a leader in the electric mobility sector, is considering the establishment of an industrial ecosystem for the production of batteries for electric vehicles and energy storage systems in Morocco which would require an investment estimated at 65 billion dirhams for the creation of more than 25,000 jobs.
For the study of its investment project, GOTION High-Tech has selected Morocco, which has established itself as the leader of the automotive industry in Africa, under The Enlightened Conduct of His Majesty King Mohammed VI. The Head of Government, Mr. Aziz Akhannouch, thus chaired, on Wednesday May 31, 2023 in Marrakech, a signing ceremony of a Memorandum of Understanding between the Moroccan State and the GOTIONHigh-Tech group, to define the outlines of a project of GIGAFACTORY and its Integrated Ecosystem in Morocco. The Memorandum was signed by the Minister Delegate in charge of Investment, Convergence and Evaluation of Public Policies, Mr. Mohcine Jazouli, and representatives of the GOTION High-Tech group.
The GOTION High-Tech group’s investment would enable the implementation of complete battery production solutions for a capacity that might eventually reach 100GWh/year, and would be located in the Rabat-Salé-Kénitra region, in the town of Bouknadel. Through this partnership, the Kingdom plans to join forces with a key player in the renewable energy and electric mobility sector, whose reference shareholder is the Volkswagen automotive group. In this regard, the Minister Delegate in charge of Investment, Convergence and the Evaluation of Public Policies indicated that “this Memorandum is a necessary first step, prior to the signing of an investment agreement, which must to enable the launch of a Gigafactory capable of consolidating the position of a leading player in the Kingdom’s automotive industry, made possible by the Leadership of His Majesty King Mohammed VI, may God assist Him”.
Mr. Li Zhen, President of GOTION High-Tech also stated that “the group is eager to contribute to the global development of green mobility solutions. Mr. Zhen pointed out that “GOTION is also happy to cooperate with Morocco on this project to contribute to decarbonization and the deployment of innovative energy solutions. With its enchanting landscapes, its inclusive culture, Morocco is a country where people live in peace. The vision of His Majesty King Mohammed VI has enabled Morocco to establish good economic relations with many countries around the world”.
The many assets that Morocco presents, in particular its asserted positioning as a competitive and carbon-free platform for automotive production, also make it possible to offer the main operators in the sector a reliable and credible solution for the establishment of production units in order to serve major world markets. Leader in the electric battery sector, GOTION High-Tech has nearly 20,000 employees worldwide, spread over several sites in Asia, Europe and North America. GOTION High-Tech achieved in 2022 a turnover of 3.2 billion dollars, an increase of 122.59% compared to the previous year. The company is an industry leader in certain key technologies, such as LFP, NMC and semi-solid 210 Wh/kg LFP and 360 Wh/kg battery technology. The GOTION group is listed on the stock exchanges of Shenzhen (China) – Stock Code 002074 and Zurich (Switzerland) – ISIN Code US38349T1060. The Kingdom of Morocco is the continental leader in automotive production with a sector fully integrated into the global automotive value chain. The Moroccan automotive sector has a capacity that should reach 1 million vehicles per year. 90% of automotive production is exported to over 75 countries worldwide. The two established car manufacturers are part of an ecosystem of nearly 250 Tier 1 international suppliers, including 30 of the world’s top 100 global players, such as Magna, Aptiv, Sumitomo, Valeo, Denso, Lear, Marelli, Faurecia, and Plastic Omnium.
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