Hyperdrive
Morocco’s First Carmaker Plans IPO to Expand Into EV Production
- Neo Motors’ first standard $20,000 model launched this month
- Company looking at listing, other financing options, CEO says
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Moroccan carmaker Neo Motors, which begins selling the nation’s first homegrown automobile this month, is targeting a listing on the kingdom’s main stock exchange to expand into electric-vehicle production.
Neo, co-founded in 2017 by Morocco’s now-communications and culture minister, is initially assembling 3,000 units a year of its debut vehicle — a three-door passenger model that will retail for $20,000 and compete with similarly priced combustion cars from Renault SA-owned Dacia and Chinese brands.