Chinese Electric Vehicle Maker Greenland Expands to Morocco in $8.4M Deal

The distribution agreement to access the Moroccan market is for a minimum potential market value of $5 million (nearly 46 million dirhams) and $8.4 million (78 million dirhams), Greenland said in a statement. According to this document, the company Elive Maroc, Greenland’s partner in Morocco, is the exclusive distributor of the Chinese group’s electric industrial vehicles in the kingdom.

To read: Morocco Partners with Brazil to Boost Electric Vehicle Technology and Infrastructure

Access to the Moroccan market "plants Greenland Technologies’ flag in Africa, a continent on which we plan to expand as our range of electric industrial vehicles expands," assures Raymond Wang, CEO of Greenland, quoted in the press release. The Chinese giant has chosen Morocco for this first establishment in Africa due to the "advantages" of the Moroccan market which, according to the company, is ready for the electrification of industrial vehicles.

To read: Morocco Aims to Accelerate Energy Transition, Become Renewable Energy Leader

In addition, Morocco has committed to the United Nations to achieve a target of 80% use of renewable energy by 2050, recalls Greeland’s boss, adding that electricity costs in Morocco are relatively low ($0.116 per kWh) compared to those of diesel. "We couldn’t have structured a better deal and we hope it will serve as a model to accelerate the growth of our sales worldwide," he concludes.