Peugeot creates joint venture for production in Algeria
Peugeot has signed an agreement with three Algerian partner companies for the creation of a joint venture that will have an assembly line at the local factory in Oran.
The partnership with Condor Electronics, Palpa Pro and Entreprise Nationale de Production de Machines-Outils will enable the French carmaker to start production operations in the plant from 2019 with focus on the markets of Africa and the Middle East.
Thanks to an investment of about 100 million Euros, Peugeot will have 49% stake in the joint venture. The new line will bring Peugeot to increase sales volumes across the region from the current 380,000 to about 700,000 cars by 2021.