Algiers, Algeria, November 13, 2017

Groupe Peugot SA (PSA) announced that it has signed an agreement with three Algerian partners viz Condor Electronics, Palpa Pro and PMO. The agreement was signed by Jean-Christophe Quemard, Executive VP, Africa-Middle East, Groupe PSA in Algiers. The agreement was cosigned in the presence of Youcef Yousfi, Algerian Minister of Industry and Mining, and Bruno Le Maire, French Minister of the Economy, Finance and Industry. The objective as stated by PSA is to create an Oran-based manufacturing company to build cars for the Algerian market.

Under the terms of the agreement, which was signed in the presence of the ministers and authorises the project’s gradual roll-out, Groupe PSA will hold 49 per cent of the new joint venture’s share capital, representing a total investment of some €100 million. As part of the project, Groupe PSA will support the development of Algeria’s automotive industry with a comprehensive upskilling and training programme for employees as well as help expand the local supplier base.

The plant will manufacture models that will enable Groupe PSA brands to serve demand from Algerian customers, by offering cars with the highest levels of quality, safety and environmental protection.

Commenting on the new agreement, Jean-Christophe Quémard said: “Algeria is one of Groupe PSA’s historical markets and we are particularly proud to set up a manufacturing base there. The country is at the centre of the Middle East and Africa region, which is a key driver of profitable international growth as part of our Push to Pass plan. The agreement will allow us to have production capacity in the heart of the region and thereby achieve our goal of selling 700,000 vehicles by 20212.”