Neo Motors is said to have released a regular $20,000 model this month.
According to a Bloomberg article on Wednesday, Moroccan automaker Neo Motors began selling the country’s first locally built vehicle this month. It may face competition from Chinese and Renault SA-owned Dacia as well as other similarly priced combustion automobiles.
According to the source, the company plans to produce 3,000 units of the $20k three-door passenger vehicle year initially. In three years, the yearly output is anticipated to increase to 15,000 automobiles.
As NEO looks to grow into the production of electric vehicles, Chief Executive Officer Nassim Belkhayat informed Bloomberg about the company’s aspirations to list on the Casablanca Stock Exchange. According to its CEO, the carmaker is in discussions about further funding alternatives with the African Development Bank.
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According to Bloomberg, Neo, which was founded in 2017–2018, aims to transform the country of North Africa into a hub for trade and industry that is accessible to China as well as the West.
Belkhayat remarked, “We wanted to make a car for the people, just like Volkswagen did a century ago.” “We sourced the remaining parts from forty-three local suppliers and made our own body, frame, and electric cable system.”
The story claims that when Peugeot began producing engines at its new Kenitra facility in Morocco, it gave the project a boost because it was supplying an engine that the nation’s manufacturers had to import before.
