Morocco aims to double its electric car production by 2024, Morocco World News reports. According to Ryad Mezzour, the Moroccan minister for trade and industry, the country is on track to start manufacturing as many as 100,000 electric cars per year within the next two to three years. Fortunately, Morocco’s existing industrial facilities alone are capable of reaching this lofty goal, although helpful international investment may also be on the table in coming years.
The need for electric vehicle production
Ramping up electric car production is becoming increasingly essential to maintain a competitive edge in a global market. Net zero carbon emission commitments, a sustainable goal pledged by countries around the world, now mean combustion engine vehicles no longer have a bright future in terms of market outlook.
The European Union, for example, Morocco’s largest trade partner, has voted to ban imports of fossil-fuel cars from 2035. Although Morocco is already the biggest carmaking hub in Africa, the country needs to prioritize the shift to electric vehicles in order to stay ahead. As such, Morocco’s now aiming for an electric vehicle production target of one million units per year, as well as to increase national auto part manufacturing in order to reduce dependence on imports.
Saving money while helping the environment
Better for the environment and offering lower servicing and maintenance costs, electric cars are becoming an increasingly popular choice across the world. Although Moroccan authorities have yet to roll-out financial incentives to further increase electric vehicle adoption, other countries do offer these as a way of boosting clean energy use.
The United States, for example, offers a $7,500 federal income tax credit for all new electric cars purchased in or after 2010. A number of states and utility companies also offer hundred-dollar rebates for at-home electric vehicle charger installation. Although a home charger is an ample investment (around $1,300 in total), it can help people save time and money by being able to charge their electric vehicles without leaving home. For standard 240-volt home outlets, plug-in chargers are ideal. Fortunately, plug-in charging systems can be easily upgraded without the need for an electrician.
Morocco’s cobalt reserves attractive to electric car manufacturers
International car manufacturers are already favoring Morocco for the country’s ample cobalt reserves, a crucial material used to produce electric vehicle batteries. In fact, Morocco is home to the 11th largest cobalt reserves in the world. In particular, last year, Groupe Renault, the French multinational car manufacturer, partnered with Managem Group, a mining company, to secure a cobalt supply from Morocco. The agreement states Managem Group will provide Renault with 5000 tonnes of cobalt sulfate for seven years. The first shipment will be provided in 2025.
Car exports also play a key role in Morocco’s status as Africa’s auto manufacturing leader — cars are the country’s second biggest exporting sector with exports expected to reach $5.6 billion by the end of 2022. And, with the boost to electric vehicle production, Morocco’s transition to green, zero-emission vehicles is set to be a success.