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” published on Wednesday, the minister noted that the new factory will be set up thanks to a 100% Moroccan investment, to come on top of the industrial units of Renault and Stellantis, which show a capacity annual production 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 4 years, Mezzour said, adding that the announcement of the brand of the new car is up to the investors.
The new brand is currently in the final licensing stage following successfully passing all the tests and trials, he said, noting that the production will be for the local market at first.
The factory, which does not provide for a production line for electric cars, will only produce fuel-powered cars, said the Moroccan minister, noting that 50 million euros will be invested over 3 years, excluding operating costs.
In addition, the newspaper points out that the automotive industry is Morocco’s second largest export sector, noting that sales in 2022 reached 8.4 billion dollars until the end of October, while the Bank of Morocco forecasts revenues of 9 .5 billion dollars at the end of December.
