The group shook hands on the deal with Trade and Industry Minister Ibrahim Patel after signing a memorandum of understanding over the investment with the Industrial Development Corporation earlier this year.
Stellantis owns popular vehicle brands such as Jeep, Opel, Alpha Romeo, Citroen and Peugeot. The investment also represents a significant boost for South Africa’s local automotive industry, which has the capacity to produce close to 700,000 vehicles annually. The manufacturing plant will be built in the South African Special Economic Zone in Coega situated near Gqeberha in the Eastern Cape province of South Africa.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: