Company plans electric vehicle factory
Chinese automobile manufacturer Yang Tze has announced it will invest MD1bn ($101m) in an electric car and bus factory in the Tangiers-Tetouan-Al Hoceima region in northern Morocco.
The facility will create 2,000 jobs, according to local press.
Morocco has been successful at attracting foreign investment in manufacturing. French carmakers Renault and Peugeot-Citroen are already manufacturing cars in Morocco. Yang Tze will be able to take advantage if the existing infrastructure and workforce.
Renaults Tangier plant opened in 2012 with a production capacity of 170,000 vehicles a year, increasing to 400,000 vehicles a year when a second production line opens. It has an older plant in Casablanca. The carmaker plans to invest an additional MD10bn in manufacturing component parts in Morocco, with third-party suppliers.
The Peugeot plant will begin producing engines and vehicles in 2019 and have an initial production capacity of 90,000 engines and vehicles a year. This may be expanded to 200,000 units.
Chinese aviation company Haite Group has also signed a memorandum of understanding to establish a $10bn industrial park in the Tangiers-Tetouan-Al Hoceima.
A $1bn China-Morocco investment fund is being set up by Haite Group, Morocco-China International and local BMCE Bank of Africa. It will focus on the financial, textiles, automotive and aviation sectors.
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