Auto Industry: €50 Mln earmarked for 1st Moroccan car brand for local market

“Neo” is the first Moroccan car brand to be produced for local market with a €50 million investment which will be used for the building of a factory for this project.

The announcement has been made by the Minister of Industry & Trade, Ryad Mezzour. He told Saudi newspaper Asharq that the plant is expected to produce annually 3,000 fuel-powered cars in a first phase, before pushing up production to 20,000 vehicles after years of operation.

An agreement will be signed in 2023 with Moroccan investors spearheading this ambitious industrial project which will be added to the facilities of Renault and Stellantis, producing annually 700,000 cars, including 50,000 electric vehicles.

The new Moroccan car has passed all required safety tests and trials. Now, it awaits the final approval and necessary certifications by the competent authorities. Its price range is estimated at €15,000.

Morocco’s car industry is the 2nd largest export sector. Sales reached $8.4 billion in October 2022 and are expected to increase to $9.5 billion in December of this year.