China’s Hailiang and Shinzoom to Enter Morocco’s EV Ecosystem
On 14 May 2024, Chinese firms Hailiang and Shinzoom signed agreements with Tanger Med Group at the Bank of Africa HQ in Casablanca to set up factories separately in Tanger Tech Park as part of building up the Electric Vehicles (#EV) ecosystem in Morocco.
Mr Othman BENJELLOUN, Chair of Tanger Med Group, Mr CAO Jiangu, Chair of Hailiang, and Mr PI Tao, Chair of Shinzoom, as well as representatives of other partners were present for the signing.
Hailiang will produce automotive copper parts while Shinzoom will manufacture anodes of #lithium batteries for #EV. The Hailiang copper factory will require an investment of USD 450 million and the Shinzoom anode factory will necessitate another USD 550 million, bringing the combined FDI to USD one billion.
The Hailiang plant expects to create 1,800 jobs. Headquartered in Hangzhou in Zhejiang province, Hailiang is a global leader in automotive copper parts and is a #Fortune500 company. It has 22 factories around the world and reported revenues of USD 30 billion in 2022.
On the other hand, Shinzoom is located in Changsha city and is a subsidiary of Hunan Zhongke Electric. It specializes in the fabrication of the anode of the #lithium battery. The Shinzoom plant in Morocco is expected to employ 2,000 people.
It is worth recalling that the Tanger Tech Park is a partnership among Bank of Africa, Tanger Med, the Regional Council of Tanger and China Communications Construction Company (CCCC).
The move by Hailiang and Shinzoom follows that of BTR New Material Group and CNGR Advanced Material. The latter two will produce cathodes for EV batteries.