ECONOMY

Peugeot launches joint venture to build cars in Algeria

French carmaker Peugeot is to build cars for the Algerian market in a joint venture. (Reuters)

Peugeot maker PSA Group signed a joint venture with three Algerian partners to launch a manufacturing unit building cars for the Algerian market, it said on Sunday.

The French carmaker said it would hold 49 pct of the joint venture’s capital, representing a total investment of around 100 million euros ($117 million).

The Algerian partners are Condor Electronics, Palpa Pro and Entreprise Nationale de Production de Machines-Outils (PMO).

A production unit will be fully operational in 2019 with local operations gradually starting from 2018, Peugeot said.

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Last Update: Sunday, 12 November 2017 KSA 17:00 - GMT 14:00
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