Stellantis to invest more than 300 million euros in Morocco’s Kenitra plant

MILAN (Reuters) – Stellantis on Wednesday said it would invest more than 300 million euros ($300 million) on Morocco’s Kenitra plant to double local production capacity.

The car maker said in a statement after a meeting with government officials in Rabat that it would introduce a “smart car” platform at the plant, as it strives to reach a market share of more than 22% in the region by 2030.

Stellantis’ growth plans for Middle East and Africa envisage a production capacity of one million vehicles per year by 2030.

($1 = 0.9993 euros)

(Reporting by Valentina Za; Editing by Chris Reese)