China-Al Mada Strike $2B EV Battery Deal in Morocco
- CNGR Advanced Material and Al Mada have announced plans to set up a $2 billion industrial hub in Morocco for EV battery production with an annual capacity of 1 million vehicles. Strategic initiatives by Huayou & Gotion High-Tech result in a combined $26.3 billion investment in Morocco's automotive sector.
Chinese battery components manufacturer CNGR Advanced Material and the African private investment firm Al Mada have announced plans to set up a joint industrial hub in Jorf Lasfar, Morocco. The project, entailing an investment of $2 billion, will assist in the production of EV batteries with an annual capacity of more than 1 million vehicles. The two entities are currently engaged in negotiations with Morocco’s OCP for the required phosphates. Additionally, Chinese EV battery manufacturers Huayou and Gotion High-Tech have also announced plans to invest $20 billion and $6.3 billion respectively, for EV battery production in Morocco. These strategic initiatives reflect Morocco’s efforts to promote its burgeoning automotive sector’s low-carbon ambitions.
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