- Stellantis NV STLA has launched the FIAT brand in Algeria with six car lines, Fiat 500 Hybrid, Fiat 500X, Fiat Tipo, Fiat Doblò, Fiat Scudo and Fiat Ducato.
- The investment phase materializes the automotive specifications agreement signed on November 2022 with the Algerian Investment Promotion Agency (AAPI) ratifying the framework agreement signed on October 13.
- A first wave of investments from Stellantis and its suppliers will total over €200 million to manufacture the four models.
- The launch is one of the key contributors to Stellantis Middle East and Africa (MEA) Dare Forward 2030 strategic plan.
- Also Read: Stellantis Considering Spain To Assemble Electric Cars
- The FIAT brand will aid the company's MEA ambition to reach one million vehicles sold in the region by 2030 with 70% regional production autonomy.
- The Tafraoui - Oran plant construction phase will be completed by August 2023 and production for the first FIAT 500 is planned by the end 2023.
- By 2026, it will create nearly 2,000 new local positions, reach a localization rate of over 30% and reach a production capacity of 90,000 vehicles per year.
- "Stellantis is committed to Algeria and will provide its extensive global and regional know-how in terms of manufacturing and commercial performance," said Samir Cherfan, Chief Operating Officer, Stellantis Middle East and Africa.
- Also Read: Stellantis Picks Second Plant To Produce EVs Under STLA Large platform - This Time In Italy
- Price Action: STLA shares are trading lower by 1.25% at $16.58 in premarket on the last check Monday.
- Photo Via Company
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