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FINANCIAL NEWS
French Peugeot to build USD630m factory in Morocco
22 Jun 2015
(MENAFN) PSA Peugeot Citroen, the French automobile maker, is ready to construct a USD630 million factory in Morocco in order to reduce its costs and its dependence over Europe, Reuters reported.
The factory at the coastal city of Kenitra will start assembling small and subcompact models for Africa and the Middle East in 2019, as Peugeot looks to branch out into lower-cost vehicles and emerging markets, according to the company’s chief executive.
“Africa and the Middle East are historic markets for PSA and the region is expected to become a profitable driver of our internationalization,” CEO Tavares said in a statement on Friday.
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