Home » CNGR: Morocco is ‘Ideal’ Hub for Global Electric Vehicle Battery Production
Economy Featured Morocco News Technology

CNGR: Morocco is ‘Ideal’ Hub for Global Electric Vehicle Battery Production

Thorsten Lahrs, President of Europe for Chinese electric vehicle battery manufacturer CNGR, has shed light on why the company chose Morocco to establish an industrial base as part of its partnership with Moroccan private investment fund Al Mada.

Speaking to French magazine Le Point, Lahrs emphasized the strategic advantages Morocco offers, citing the country’s proximity to North America and Europe through free trade agreements, favorable logistics, and extensive industrial experience, among others.

“Morocco is the ideal location to be closer to North America and Europe, thanks to existing free trade agreements,” he said, noting that “authorization procedures are much more reasonable compared to other options.”

Lars added, “The logistics are favorable, there’s ample industrial experience, and even access to raw materials.”

Al Mada inked the partnership with CNGR at the 4th edition of the Africa Investment Forum, which took place last week in Marrakech.

The joint venture aims to produce battery materials for over 1 million electric vehicles annually, including 120,000 tons of cathode precursor materials, 60,000 tons of lithium, iron, phosphate, and 30,000 tons of black mass recycling.

CNGR will hold a 50.03% stake, while Al Mada will have 49.97%. Operations will be based in Jorf Lasfar, with investments reaching approximately $2 billion.

Founded in 2014 and listed on the Shenzhen stock exchange, CNGR holds a 23% share of the global market.

With clients including Tesla and LG Chem, the company has solidified its position as a key player in the electric vehicle battery sector.

Lahrs emphasized the dual benefit of the partnership, saying: “Al Mada is working towards a modern economy and improving living conditions while embracing long-term development.”

He underlined that this vision “aligns perfectly with CNGR’s global battery materials supply chain initiative,” adding that this partnership will have “even greater strength to successfully execute these complex projects.”

Source: Morocco World News