Neo Motors is Going Public to Enter the Electric Car Market! Here is Morocco's Domestic Automobile Initiative…
Neo Motors stands out as Morocco's first and only domestic automobile initiative. The company is taking an important step to enter the electric car market. Neo Motors plans to raise capital by going public in its country. The revenues will be invested in the production of electric cars.
Neo Motors Released Its First Model This Year
Neo Motors was founded in 2017 with the support of the Moroccan state. The company launched its first model this year. This model is a three-door car and costs less than $20.000. This price allows Neo Motors to compete with Dacia and Chinese brands. The company has a production capacity of 3.000 units per year.
Neo Motors CEO Nassim Belkhayat said in a statement to Bloomberg that they want to increase the production capacity to 15.000 units within three years. The company will also develop electric car models. In addition to the public offering, Neo Motors aims to receive support from the African Development Bank.
What Role Will Neo Motors Play in the Electric Car Market?
Neo Motors aims to play an assertive role in the electric car market. The company will be Morocco's first domestic electric car initiative. It wants to follow in the footsteps of domestic automobile producing countries such as Morocco, Turkey and Vietnam. The country has a population of 37 million, but only 4.3 million registered vehicles. Approximately 175.000 new cars are sold annually. Therefore, Neo Motors is in a market with the potential to grow rapidly.
Neo Motors also plans to become a regional player. The company also wants to expand into African and Middle Eastern markets. Neo Motors is working to offer a model that can compete in the electric car market. The price, performance and design of the company's electric car models are not yet clear.