Stellantis will chip in up to 300 million euros ($300 million) on Morocco’s Kenitra factory to beef up local production capacity, Reuters reported on Wednesday.
Following talks with Moroccan officials in Rabat, the company agreed that a smart car platform will be set up at the plant, in an attempt to achieve a market share of more than 22% in the region by 2030, the car manufacturer said in a statement.
Stellantis’ expansion plans in the Middle East and Africa target the manufacturing of one million vehicles per year by 2030.
Stellantis is an automaker and a mobility provider based in the Netherlands. The Company is engaged in designing, engineering, manufacturing, distributing and selling vehicles, components and production systems.