Jean-Christophe Quémard, Executive Vice President, Africa-Middle East of Groupe PSA, has co-signed an agreement in Algiers with the Algerian project partners to create an Oran-based manufacturing company to build cars for the Algerian market.
As per the terms of the agreement, Groupe PSA will hold 49% of the new joint venture's share capital, representing a total investment of some 100 million euros. As part of the project, Groupe PSA will support the development of Algeria's automotive industry with a comprehensive upskilling and training programme for employees as well as help expand the local supplier base.
Groupe PSA noted that the agreement will allow the company to have production capacity in the heart of the region and thereby achieve its goal of selling 700,000 vehicles by 2021.
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