Tangier, Morocco (TMT)- The Moroccan Ministry of Investment and the Chinese BTR New Material Group have signed a memorandum of understanding to invest MAD 13 billion (USD 1.2 billion) to build a new gigafactory that will manufacture electric vehicle battery components.
The gigafactory is set to create 3,000 direct jobs and 10,000 indirect ones.
BTR New Material Group is a global leader in producing anodes and cathodes, which are essential components in the manufacture of electric vehicle batteries. The factory will primarily produce these components for the American market, specifically for Tesla.
Morocco aspires to establish itself as a hub for renewable energy and electric vehicle manufacturing.
The signing of this memorandum of understanding between Morocco and BTR New Material Group represents a significant step forward in the global transition to clean energy and sustainable transportation. The gigafactory will play a crucial role in the production of electric vehicle batteries and will support the growth of the green economy in Morocco and beyond.
The Moroccan Times.
