Morocco’s automotive industry attracts over €300 Mln new investment

Stellantis group, one of the world’s leading automakers, announced on Wednesday a new investment of over €300 million in its Kenitra manufacturing facility aimed at doubling the site’s production capacity and launching the “smart car” platform.

The announcement was made by the group during a meeting held in Rabat with Head of Govt. Aziz Akhnnouch in presence of Minister of Industry &Trade Ryad Mezzour and Minister Delegate for Investment Mohcine Jazouli.

The new funding will support the Company’s growth plans for Middle East and Africa region, as it pushes to a production capacity of one million vehicles per year by 2030, while reaching 70% local integration, as outlined in Stellantis’ Dare Forward 2030 strategic plan.

Stellantis group was formed following the merger of French PSA Group and the Italian-American Fiat-Chrysler automaker.

“We are proud to announce today a great new milestone in the journey of our industrial plant in Kenitra, in partnership with the Ministry of Industry and Trade in Morocco,” said M. Samir Cherfan, Chief Operating Officer, Stellantis Middle East and Africa.

“Together, we have succeeded in positioning Kenitra as a leading Stellantis industrial site and in converting it into a key contributor of our bold ambition in the Middle East and Africa region, leveraging the potential of the newly launched “smart car” platform that will be core to our vehicle offerings in the region by 2030”, he added.

“This new milestone in the Stellantis project in Morocco illustrates the positioning of the Kingdom as one of the most competitive carbon free automotive industrial platforms worldwide, built thanks to the far-sighted vision and leadership of King Mohammed VI”, said M. Mezzour.

The new investment will create nearly 2,000 new local positions. It will also give new impetus “to electric vehicle production capabilities in our country and comforts our determination to be a key player in sustainable mobility,” added the Industry Minister.

Thanks to this investment, the Kenitra plant will be able double its production capacity, reaching 400,000 vehicles per year along with 50,000 electric mobility objects: Citroën Ami and Opel Rocks-e.