Car maker, Stellantis has said it would invest more than 300 million euros ($300 million) in Morocco’s Kenitra plant to double local production capacity.
The carmaker said in a statement after a meeting with government officials in Rabat that the investment in Morrocco will increase production capacity to 1 million vehicles per year with the launch of a “smart car” platform to obtain a 22% market share by 2030.
“Stellantis’ global ambition will benefit from the strong development pace of the Middle East and Africa region that aims at contributing to creating a third engine for Stellantis, in addition to North America and Europe,” CEO Carlos Tavares said in a statement.
“I trust our regional teams to achieve sustainable growth with a number one position in the market and double-digit margin while leading the energy transition. At Stellantis, we commit to offering our Middle East and Africa customers clean, safe, and affordable mobility.”
The plant, which opened in 2019, produces 400,000 vehicles per year along with 50,000 electric products in the Citroën Ami and Opel Rocks-e quadricycle. The new smart-car platform is expected to underpin 40% of the region’s mobility offerings by the end of the decade.