According to Yicai Global, Chinese tire manufacturer Sentury Tire has purchased land in Morocco to erect its first car tire factory. General Manager of Sentury Tire Lin Wenlong completed a deal for the acquisition of about 200,000 square meters of land with Tangier Med Zones Managing Director Jaafar Mrhardy.
Furthermore, the plant will be situated close to “Africa’s largest container port,” offering advantageous access to global markets. By the conclusion of the second year, Sentury Tire hopes to create an automobile tire manufacturing plant. With an annual production capacity of six million units, having invested roughly $300 million (MAD 2.9 billion) in self-raised money. Sentury Tire is making the change as it works to expand its global presence following the successful opening of two additional factories in Thailand and Spain.
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Duration of construction for the proposed car tire factory in Morocco
It is anticipated that the new car tire factory will take around 18 months to build. And operations should start by the end of 2024 or the beginning of 2025. The new facility’s location, which is only 35 kilometers from the Port of Tanger-Med, provides a substantial advantage in managing shipments abroad. Currently, Tangier-Med port is in charge of managing more than half of the cargo passing through Moroccan ports. Which increases the organization’s logistical effectiveness. Upon completion, Sentury Tire will be the only tire producer in Morocco, strengthening its position as a global competitor.
Costs of the new Sentury Tire factory in Morocco
Corporation announced its plans to invest $29m in the construction of the new factory in Morocco in January. Citing the country’s stable political and economic climate, welcoming investment environment, and advantageous trade policies as reasons for its decision.
Additionally, Sentury Tire emphasized how Morocco’s geographical location allowed for distribution to Europe. It highlighted the nation’s robust and simple access to the American and European markets.
