Morocco, which has vehicle factories of BYD, Renault, Peugeot-Citroen and Fiat, has managed to attract another giant investment with the aim of becoming an international automobile export center.
6.3 billion dollars investment in Morocco from the Chinese battery giant! Gotion High-Tech, one of China’s largest lithium-ion battery manufacturers, is investing in Morocco to manufacture batteries for electric vehicles. According to the Moroccan Agency for Development, Investments, and Exports, the Chinese firm has set an investment budget of $6.3 billion.
Morocco, which has vehicle factories of BYD, Renault, Peugeot-Citroen, and Fiat, has managed to attract another significant investment with the aim of becoming an international automobile export center. Gotion High-Tech, of which Volkswagen is one of its biggest partners, will use the batteries it will produce in Morocco to feed both local production and electric vehicle factories in Europe.
The factory, which is stated to reach an annual capacity of 100 GWh when all phases are completed, will produce Gotion’s LFP cathode cells, which draw attention with their high energy density and will also supply battery solutions for various vehicles, especially electric cars.
Negotiations with the Moroccan government have not yet been completed, according to Reuters. However, the investment is expected to become official soon. With this investment, Gotion will become the first giant battery plant on the African continent.