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Groupe PSA In JV Deal With Namibia To Assemble OPEL, PEUGEOT Vehicles

Groupe PSA (PEUGF.PK), the owner of Peugeot and Opel brands, announced Monday that it has signed an investment agreement with the Namibian government, under which the automaker will assemble Opel and Peugeot vehicles in Namibia in 2018. Groupe PSA and Namibia Development Corp. or NDC signed a joint-venture agreement to start an assembly plant in Walvis Bay.

The company noted that assembly will start in second half of 2018 with an annual targeted volume of 5,000 units by 2020 to meet the Southern African Custom Union or SACU countries market demand.

The first vehicles outputs from this factory will be OPEL Grandland X and PEUGEOT 3008, while other products will follow to meet customer demand.

The company said the agreement is part of the strategic profitable growth plan, "Push to Pass", aiming to satisfy customer expectations in all the regions in which the company operates. It materializes Groupe PSA's ambition to develop internationally by directly producing within Middle East and Africa 70% of the vehicles sold in the region.

The manufacturing of Opel models locally has been decided and implemented in a record time frame, less than 4 months after the announcement of the PACE! Strategic plan on November 9, 2017.

Executive Vice President for Middle East and Africa Region at Groupe PSA, Jean-Christophe QUEMARD said, "This investment in Namibia is part of the long term strategy of Groupe PSA to increase its sales in Africa and the Middle East, consistent with our target to sell one million vehicles in 2025. This new capacity will serve regional markets with products in line with our Opel and Peugeot customer expectation."

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