Bloomberg reported today that neo Motors, an automotive company poised to unveil the first Moroccan-manufactured car, is aiming to enter the stock market to expand its plan for developing electric vehicle production.
Citing Nacim Belkhayat, the company’s CEO, the news agency stated that the company is betting on achieving an annual production capacity of 15,000 cars within three years and broadening its range to include electric vehicles.
Bloomberg sees neo Motors’ projects as another significant development in Morocco’s automotive industry, highlighting the country’s efforts to make itself a regional hub for manufacturing and trade, opening up to Western countries and China.
In an exclusive interview with Bloomberg, Belkhayat stated, “We wanted to create an affordable car, much like Volkswagen did a century ago. We built our own structure, our own frame, our own electrical cable system, and entrusted the rest to 43 local companies.”
The agency observed that Morocco is already assembling parts of Peugeot, Renault, and Stellantis cars, emphasizing the kingdom’s focus on enhancing the value-added through local manufacturing of key components.
The same source noted that Peugeot, an automobile manufacturing company that began producing engines at its new factory in Kenitra in 2019, now provides a locally manufactured component at competitive prices that car manufacturers used to import.
Neo Motors, a Moroccan-funded company, has established an industrial unit in Ain Aouda (Rabat-Sale-Kenitra region) to manufacture cars for both the local and export markets. The expected annual production capacity is 27,000 units, with a local integration rate of up to 65 percent.
The total investment in this project is anticipated to reach 156 million Moroccan Dirhams, with the potential to create 580 job positions.
MM.com
