First Published: 2017-12-10

Chinese electric carmaker to open Morocco factory
BYD to become third car manufacturer after Renault, Peugeot to construct cars in North African state.
Middle East Online

"We hope to benefit from Morocco's location as an entry point to Europe and the African market"

CASABLANCA - Chinese electric car manufacturer BYD on Saturday signed an agreement to open a factory near the Moroccan city of Tangiers to build battery-powered vehicles, officials said.

BYD will become the third car manufacturer, after Renault and Peugeot of French, to construct cars in the North African state.

The memorandum of understanding was signed at the royal palace in the coastal city of Casablanca in the presence of King Mohammed VI and BYD's chairman, Wang Chuanfu, whose company is backed by US investor Warren Buffett.

The factory in the new Mohammed VI Tangier Tech City, which is part of a project between China and Morocco, is to produce electric cars, buses and trucks at a 50-hectare site employing 2,500 people, according to the project directors.

A plant for the assembly of electric trains is also planned, but the amount of investment and timeframe of the overall project were not announced.

"We hope to benefit from Morocco's location as an entry point to Europe and the African market," Wang said, adding that the first phase would produce cars.

According to industry sources, Morocco aims to add a fourth major automaker plant before the end of 2021 and to have capacity to produce one million vehicles a year by 2025.

 

Syrian rebels agree to leave new area outside Damascus

Family accuses Israel of killing Palestinian in Malaysia

Rouhani slams officials' 'vow of silence' in face of protests

US has 'concerns' about Turkey holding fair vote under state of emergency

Cinema makes return to Saudi Arabia

UN Security Council meets over Syria in Sweden

Turkish government rejects criticism of election campaign

Condemnation after Gaza teenager killed by Israeli soldiers

Natalie Portman says backed out of Israel prize over Netanyahu

Morocco, EU start talks on new fisheries deal

FIFA to return to Morocco to check hotels, stadiums

Turkey in shock after violent Istanbul derby

Iraq pays first war reparations to Kuwait since 2014

Fiery kites adopted as new tactic by Gaza protesters

Romanian president slams plan to move Israel embassy

Western strikes on Syria bring no change whatsoever

Trump criticises OPEC for high oil prices

Syria says rebels south of capital surrender

Market has capacity to absorb higher oil prices: Saudi minister

Putin 'ready' for Trump summit

Saudi Arabia to host first public film screening

HRW criticises Lebanon for evicting Syria refugees

Saudi says intercepted ballistic missile from Yemen

Russia mulls supplying S-300 missile systems to Syria

Bashir fires Sudan foreign minister

Washington: Assad still has 'limited' chemical capability

European MPs urge US not to scrap Iran deal

Oil price soars to highest level in years

Two more pro-Kurdish MPs stripped of Turkey seats

Oil theft 'costing Libya over $750 million annually'

Turkey's snap polls: bold gambit or checkmate for Erdogan?

Iran arrests senior official over public concert

Bahrain sentences 24 to jail, strips citizenship

UN experts urge Iran to cancel Kurd's death sentence

Moderate quake strikes near Iran nuclear power plant

Syria regime forces caught in surprise IS attack

Turkey sentences 18 to life for killing ‘hero’ coup soldier

Exxon faces setback in Iraq as oil and water mix

Libya to clamp down on fuel smuggling

Yemen to arrest colonel for overlooking African migrant rape

Erdogan sends Turkey to snap polls on June 24

Qatar joins Gulf military exercise in apparent compromise

Saudi-Russia oil alliance likely to undercut OPEC

UN in security talks with Syria on chemical probe

Riyadh says two al Qaeda militants killed in Yemen