Chinese electric battery maker BTR New Material Group (835185.BJE) has been given the go-ahead by the Moroccan government to build a factory near Tangier to produce a key component, the cathode.
Morocco is considered a good location for EV battery factories because Moroccan officials have pitched the north African country as having an existing auto industry and renewable energy sectors, and the presence of raw materials including cobalt and phosphates.
Among the standout announcements of this visit: Xi Jinping’s intent to establish “one of the largest lithium battery factories” in Algeria, as reported by the Algerian official news agency APS.
A month later, Moroccan firm Tinci Materials Technology, specialising in lithium-ion battery materials, also announced a $280m investment in the kingdom. “Progress is being made in the right direction.
In Morocco, Citroen, a Stellantis (STLAM.MI) company, has a plant with capacity to produce 50,000 supermini electric cars. Renault and Stellantis-owned Peugeot also have a presence in Morocco, where they manufacture combustion-engine cars. The country is also a base for a cluster of car parts makers.
China is considering investing in Algeria to the tune of $36bn. At least, that’s what Abdelmadjid Tebboune declared during his visit to Beijing and Shenzhen from 17-21 July.