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Peugeot launches joint venture to build cars in Algeria
November 12, 2017 / 1:17 PM / 6 days ago

Peugeot launches joint venture to build cars in Algeria

PARIS, Nov 12 (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. ($1 = 0.8574 euros) (Reporting by Sybille de La Hamaide; Editing by Robin Pomeroy)

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