Electric Vehicles: Morocco, China’s BTR Group Sign MAD 3 Bln Investment Agreement

29 March 2024
Electric Vehicles: Morocco, China’s BTR Group Sign MAD 3 Bln Investment Agreement


Head of Government, Aziz Akhannouch, chaired, on Friday in Rabat, the signing ceremony of the investment agreement of BTR New Material Group’s strategic project to build a production unit for cathodes, an essential component of electric vehicle batteries, worth 3 billion dirhams.

This large-scale project, the first in the Moroccan electric battery ecosystem for which an agreement has been signed, involves the construction of a plant with a capacity of 50,000 tons per year within the Cité Mohammed VI Tanger Tech. Developed in 2 phases over an area of 15 hectares, the first phase, with a capacity of 25,000 tons, is scheduled to come on stream in September 2026.

The investment agreement was signed by chairman of BTR Raw Materials, YouYan Huang, Minister of Economy and Finance, Nadia Fettah, Minister of Economic Inclusion, Small Business, Employment and Skills, Younes Sekkouri, Minister of Industry and Trade, Ryad Mezzour, Minister Delegate to the Head of Government, in charge of Investment, Convergence and the Evaluation of Public Policies, Mohcine Jazouli, in the presence of the Ambassador of the People’s Republic of China to Morocco, Changlin Li, chairman of BTR Group, Xueqin He, and Managing Director of the Moroccan Agency for the Development of Investment and Exports (AMDIE), Ali Seddiki.

Speaking on this occasion, the Head of Government emphasized that the signing of this investment agreement is a testimony to a strategic partnership that offers the best conditions for making the project an international benchmark in terms of competitiveness, efficiency and sustainability.

He added that, while the Kingdom stands out as an internationally competitive industrial platform, particularly in the automotive sector, it is now entering a new phase in its development, marked by an inclusive, sustainable future focused on forward-looking sectors.

For his part, Jazouli pointed out that this investment in the electric mobility sector is not an isolated one, and is intended to be the first of several large-scale projects to come, positioning the Kingdom as an attractive hub for the electric vehicle battery industry and a key player in the production of components vital to the sector’s future.

In this vein, Morocco is determined to consolidate its position as a continental and regional hub in the automotive industry, through playing a central role in this green mobility revolution, he added.

The chairman of BTR Group said that this investment is of strategic importance, as Morocco offers a well-developed automotive industrial chain and remarkable geographical advantages, allowing to complement and enrich the Group’s existing automotive industrial chain in the region, particularly in the new-energy vehicle segment.

For his part, Seddiki said that this project aims to create 2,500 jobs, in order to consolidate Morocco’s position as a leader in the field of electric mobility, seeing it as a major step forward, paving the way for other initiatives in this field.

The project, on which work has already begun, is being carried out by the Chinese BTR Group, one of the world’s leading manufacturers of components for electric batteries, whose customers include major battery manufacturers such as BYD, CATL, Volkswagen and Tesla.

This project also marks a major step forward in the BTR Group’s international development strategy, and testifies to the quality of the relations of cooperation and friendship between the Kingdom of Morocco and the People’s Republic of China.

Source: map

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