Tuesday, July 16, 2024

Morocco to Launch 100% Locally Produced Car Brand “NEO” at Average Price of PKR 34 Lac

Morocco is set to launch a 100% Made in Morocco car brand that would be available on the local market at an average price of MAD 170,000 ($15,000/PKR 34.03 lac). The budget-friendly cars will sell under the brand name “Neo.”

Although images are not yet available, the minister informed us that the vehicle could go on sale in 2023.

Mezzour said that the vehicle “has already passed all the tests successfully and will offer to Moroccan customers at competitive prices.”

He said ministry is working alongside Moroccan investors to increase the “integration rate” so the parts are also mainly Moroccan. The minister said:

“For the moment, the Neo car brand will be intended for the local market, but we are confident, and we will support and do the best we can so that this operator has an international dimension.”

Morocco has succeeded in building a solid reputation in the automotive industry. As a leading exporter to Europe and the African market in recent years it has built its name. As such, the automotive sector has become Morocco’s largest exporter. Ahead of the mining sector, accounting for 29% of the country’s total exports.

Automotive Industry

Morocco’s automotive industry produces more than 700,000 cars annually while generating over 180,000 jobs. Thus, the country has realised 72.2 billion dirhams through profits and the export of its products to over 74 countries.

Mohammed Jadri, Economist and Director of the Government Work Observatory:

“Morocco produces more than 700,000 vehicles annually with a value added exceeding 60%.” The challenge for the next few years is to produce one million vehicles with an integration rate of 80% of Moroccan value added by 2025. Morocco is very proud to be ranked third in the world in terms of competitiveness, following China and India.”

The Country ranks second in terms of improving industrialization in Africa. It is according to a recent report entitled “African Industrialization Index 2022, published by the African Development Bank (AfDB), the African Union (AU), and the United Nations Industrial Development Organization (UNIDO).

It is one of the strongest manufacturing economies in Africa. The report states that the Moroccan government has prioritised industrial development, particularly in the automotive sector.

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