RUEIL-MALMAISON, France--(BUSINESS WIRE)--Regulatory News:
Groupe PSA (Paris:UG) and the Namibian government have signed an investment agreement facilitating the joint-venture agreement between Groupe PSA and Namibia Development Corporation (NDC) to assemble OPEL and PEUGEOT vehicles in Walvis Bay. Assembly will start in H2 2018 with an annual targeted volume of 5,000 units by 2020 to meet the SACU* countries market demand.
The OPEL Grandland X and PEUGEOT 3008 will be the first outputs from this factory, other products will follow to meet customer demand.
This agreement is part of the strategic profitable growth plan, "Push to Pass", aiming to satisfy customer expectations in all the regions in which the Group operates. It materializes Groupe PSA’s ambition to develop internationally by directly producing within Middle East and Africa 70% of the vehicles sold in the region. This project is also the illustration that Opel brand has a real potential in the region. The manufacturing of Opel models locally has been decided and implemented in a record time frame, less than 4 months after the announcement of the PACE! Strategic plan on November 9, 2017.
Executive Vice President for Middle East and Africa Region at Groupe PSA, Jean-Christophe QUEMARD declares: "This investment in Namibia is part of the long term strategy of Groupe PSA to increase its sales in Africa and the Middle East, consistent with our target to sell one million vehicles in 2025. This new capacity will serve regional markets with products in line with our Opel and Peugeot customer expectation”.
* SACU: « Southern African Custom Union » include: Namibia, South-Africa, Bostwana, Lesotho, Swaziland
About Groupe PSA
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.
Communications Division - www.groupe-psa.com/en - +33 6 61 93 29 36– - @GroupePSA