Morocco’s EV Battery plant to be constructed by Chinese Tinci Company after an investment of 280 million dollars. Rabat – Guangzhou Tinci Materials Technology, one of China’s leading manufacturers of battery materials for electric vehicles, announced that it has strengthened Morocco’s gigafactory project and electric vehicle ecosystem with new investments.
The construction of this EV Battery plant will require an investment of $282,061 million.
The new factory will produce and sell lithium-ion battery materials. It will also help the Chinese company better serve the European market, Tinci said, noting that Morocco has abundant phosphorite ore resources.“Morocco has extensive phosphorite mineral resources. Building a facility in the North African country will also help the company better serve and explore the European market.”
This Morocco’s EV Battery plant contract also includes the creation of an “integrated industrial ecosystem” to manufacture batteries and energy storage systems for electric vehicles (EV). The estimated investment could reach $6.4 billion and the project is expected to create 25,000 jobs over 10 years.
Tinci has begun the preparatory phase, which includes the feasibility study and environmental impact assessment for a new 200,000 ton per year lithium battery electrolyte plant in Texas.
Upon completion of construction in 30 months, the Texas facility, which complies with US Inflation Reduction Act restrictions on supplier location, will serve North America’s battery electrolyte needs and provide local supply and end-of- supply benefits to Tinci’s overseas customers. and quality guarantees, the company added.
At the same time, the company plans to open another plant in the USA, in the state of Texas, with the aim of supplying the North American markets. Tinci’s sales more than doubled to 22 CNY.According to the annual report, the company cost about $3 billion (US$3.5 billion) last year due to strong demand. Sales of lithium battery materials accounted for 93% of total sales. Net income increased about 160 percent to about 5.7 billion CNY (789.7 million US dollars).
Read more: Tinci to Establish Electric Vehicle Battery Plant in Morocco
Morocco is in a global race to build a gigafactory to ease its auto industry’s transition to electric vehicles. To attract foreign direct investment in the electric vehicle supply chain, the North African kingdom highlights its competitive advantage, political stability, lower operating costs, the presence of major car manufacturers such as Renault and Stellantis and their suppliers, and the availability of cheap renewable energy.
