French auto giant to set up assembly plant in Namibia
The initial models will be two 4x4s, the Opel Grandland X and Peugeot 3008, but "other products will follow to meet customer demand," PSA said in a statement.
Recommended articles
Under an investment agreement with the Namibian government, PSA -- whose brands also include Citroen, DS and Vauxhall -- will reach output capacity of 5,000 vehicles per year at the plant in the port town of Walvis Bay by 2020, it said in a statement.
The deal, in which Peugeot will form a joint enterprise with the state-owned Namibia Development Corporation, aims at the expanding market in the Southern African Customs Union, which comprises Botswana, Lesotho, Namibia, South Africa and Swaziland.
The investment 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," said the executive vice president for those regions, Jean-Christophe Quemard.
ADVERTISEMENT
Other investments, existing or planned, are in Algeria, Ethiopia, Iran, Kenya, Morocco, Tunisia and Nigeria.
In 2017, the group sold 592,000 vehicles in Africa and the Middle East, a surge of 54.5 percent, as sales in Asia plummeted.
Global sales were 3.632 million, a figure that includes figures for the newly-acquired Opel and Vauxhaull brands, from August 1.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Landmark’s post about being open for business after demolition mess sparks reactions
Korean Ambassador vows to support Nigeria in fighting insecurity
Enugu Govt to implement community service sentences to deter crime
List of transactions exempted from new CBN’s 0.5% cybersecurity levy
Man trapped in drainage while clearing debris prompts LASEMA search
Unknown hoodlums abduct travelers on Sagamu-Benin expressway, killing one
Enugu Band A feeders enjoy reduced tariff from ₦225/kWh to ₦206.80
Presidency confirms Atiku's allegation over Tinubu's son's connection in Lagos-Calabar highway contract
Rainstorm wreaks havoc in Plateau, injuring 3, destroying over 200 houses
Pulse Sports
Chelsea set to offer Romelu Lukaku and cash for Super Eagles star Victor Osimhen
Mikel Obi: Super Eagles legend goes viral speaking Hausa
Anthony Joshua: Nigerian-born boxer teams up with Mariah Carey, Naomi Campbell and Cuppy in France
ADVERTISEMENT
