Via Utilities Middle East, a report on Morocco and China’s GOTION High-Tech $6.4 billion battery production deal which also includes the construction of a “Giga Factory” in Rabat, with an annual production capacity of 100 gigawatt-hours:

Morocco has signed a memorandum of understanding (MoU) with GOTION High-Tech, a Chinese-European group specialising in electric mobility, to establish an industrial system dedicated to the production of electric car batteries and energy storage systems.

The investment for this ambitious project is estimated at 65 billion Moroccan dirhams ($6.4 billion).

The agreement includes the construction of a “Giga Factory” in Rabat, with an annual production capacity of 100 gigawatt-hours, expected to create around 25,000 job opportunities.

“Signing the memorandum of understanding is a necessary first step before signing the investment agreement, which will allow the launch of the Giga Factory to strengthen the country’s position in the automotive industry,” Mohcine Jazouli, Moroccan Minister of Investment, said in a press statement.

The Moroccan ministry of investment pointed out the country’s desire to collaborate with a key player in the renewable energies and electric transport sector, citing the German automaker Volkswagen Group as a reference shareholder.

The memorandum of understanding marks an essential initial step towards the investment agreement, which will pave the way for the launch of the Giga Factory, bolstering Morocco’s position in the automotive industry, according to Mohcine Jazouli, the Moroccan Minister of Investment.

GOTION High-Tech, employing approximately 20,000 individuals worldwide across production sites in Asia, Europe, and North America, achieved a remarkable 122% year-on-year revenue growth, reaching around $3.2 billion last year.

With a value of 111 billion dirhams, Morocco’s automotive industry stands out as one of the most exported sectors.

The “Renault” and “Stelantis” factories currently have a production capacity of 700,000 cars per year, which is projected to increase to one million cars by 2030.

In the past year alone, Morocco exported 480,000 vehicles to 75 countries globally, benefiting from the contributions of around 250 local companies to its thriving auto industry.