Groupe PSA Reaches an Important Milestone in the Expansion of Its Manufacturing Operations in Algeria

Regulatory News:

Groupe PSA (Paris:UG):

Jean-Christophe Quémard, Executive Vice President, Africa-Middle East of Groupe PSA, has co-signed an agreement in Algiers with the Algerian project partners¹ to create an Oran-based manufacturing company to build cars for the Algerian market.

The agreement was signed as part of the France-Algeria joint economic committee (COMEFA), in the presence of Youcef Yousfi, Algerian Minister of Industry and Mining, and Bruno Le Maire, French Minister of the Economy, Finance and Industry.

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% 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.”

About Groupe PSA

The Groupe PSA designs unique automotive experiences and delivers mobility solutions to meet all client expectations. The Group has five car brands, Peugeot, Citroën, DS, Opel and Vauxhall, as well as a wide array of mobility and smart services under its Free2Move brand, aiming to become a great carmaker and the preferred mobility provider. It is an early innovator in the field of autonomous and connected cars. It is also involved in financing activities through Banque PSA Finance and in automotive equipment via Faurecia. Find out more at groupe-psa.com/en.

Media library: medialibrary.groupe-psa.com / @GroupePSA

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