Chinese company Guoxuan High-Tech Co. has announced plans to establish a high-performance lithium battery manufacturing plant in Morocco, with an annual production capacity of 20 gigawatt-hours. The project, set to support the electric vehicle (EV) industry, is expected to take five years to complete, Chinese media reported on Friday.
According to a company statement cited by the reports, Guoxuan High-Tech plans to invest €1.28 billion in the new facility, using internal funds. The plant will focus on producing advanced lithium batteries to cater to growing global demand, with the goal of enhancing the company’s market share and competitiveness in the energy storage sector.
The initiative is part of Guoxuan High-Tech’s global strategic planning to expand its international business, meet increasing market demand, and solidify its position in the competitive EV battery market.
Despite the ambitious vision, the project faces potential challenges, including risks related to financing, operations, market volatility, and currency exchange rates, which could affect progress and revenue projections.
The project aligns with Morocco’s efforts to position itself as a regional hub for electric vehicle manufacturing and renewable energy solutions. With its strategic location and robust infrastructure, Morocco has attracted significant investments in the automotive sector in recent years, further bolstering its green energy transition and industrial development.
The announcement marks a significant milestone in Morocco-China economic relations and reflects growing interest from international investors in the country’s emerging green energy market.
The post Chinese firm to build high-performance lithium battery plant in Morocco appeared first on HESPRESS English – Morocco News.
No products in the cart.