The Minister of Industry and Trade advances the project to build an automobile production plant on Moroccan soil.
Aziz Akhannouch’s government will sign an investment agreement worth 50 million euros next January for the construction of an automobile production plant on Moroccan territory, according to the Minister of Industry and Trade, Riyad Mezzour, excluding operating costs.
The former chief of staff of the ministry revealed this exclusivity in an interview with the Saudi daily Asharq. Mezzour also specified that the new factory will join the industrial units of Renault and Stellantis present in the Kingdom, which have an annual production capacity of 700,000 vehicles, including some 50,000 electric cars.
The Moroccan State will bear all the costs for the next three years. This is the government’s first investment in this sector, which should have an annual production capacity of around 3,000 vehicles, before reaching a rate of 20,000 in an estimated period of four years, according to Mezzour, of which none will only be electric.
The automotive industry is the country’s second-largest industry. In October 2022, sales reached $8.4 billion, and the Banque du Maroc forecasts revenues of $9.5 billion by the end of December.
The Head of Industry and Commerce clarified that the new brand is in its final stages after passing all the scheduled tests and trials. The first batch of production will also be destined for the local market.
