Peugeot: expansion of manufacturing operations in Algeria.
(CercleFinance.com) - On Sunday PSA Group announced the signing, with Algerian partners, of an agreement to create a joint venture, Oran-based manufacturing company, to produce vehicles for the Algerian market.
The car maker will hold 49% of this new joint venture's capital, representing a total investment of around 100 million euros. A production unit will be fully operational in 2019, progressively from 2018.
"This agreement will allow us to have production capacity in the heart of the region to achieve our ambition to sell 700,000 vehicles in 2021," said Jean-Christophe Quémard, Executive Vice President, Africa-Middle East of Groupe PSA.
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