Rabat – The Moroccan insurer Allianz Maroc and the Imperium Group have consolidated their partnership to distribute Yadea-manufactured two and three-wheeled electric vehicles in Morocco.
The partnership was originally announced in January 2019, when the two groups signed a memorandum of understanding to launch the distribution of Yadea brand electric scooters and bikes. Yadea is a French-subsidiary of Norinco, the Chinese state-owned defense corporation that manufactures civil and military products.
The signing of the deal allowed Allianz Maroc to take a 33% stake in EMOB’s capital. EMOB is the Moroccan distributor of Yadea vehicles. Allianz acquired the stake by contributing to the joint venture’s first capital increase, under which it was raised to MAD 3 million ($334,000). The other 67% remains with the El Baroudi family-owned Imperium Group.
For Allianz, this is an opportunity to enter the electric vehicle market in Africa, by providing the distributor with dedicated insurance products. Allianz has already made an exclusive offer to accompany EMOB’s products, offering cheaper insurance policies for electric vehicles than for their combustion-driven counterparts.
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Environmentally friendly electric-vehicles are becoming increasingly common in Morocco, both among consumers, as well as within an industrial context. In 2019 Morocco’s Minister of Industry, Trade, and Green Economy and Digital Economy, Moulay Hafid Elalamy revealed that the country has already begun to manufacture electric cars and is on its way to produce unmanned aerial vehicles.
In October 2020, the international car manufacturer PSA Group and Morocco’s postal service, Barid Al-Maghrib, signed an agreement to develop an adapted version of the “225 Citroen Ami,” the 100% electric car. On the occasion Elalamy said that the innovative vehicle is the first step for Morocco’s urban electric mobility industry.
Samir Cherfan, PSA Group’s director for Africa and the Middle East region, said the vehicle is the fruit of the collaboration between PSA Group’s central and Moroccan teams, for design, engineering, purchasing, and production.