(3 minutes read)
· The Moroccan insurer Allianz Maroc and the Imperium Group have signed a deal to distribute Yadea-manufactured two and three-wheeled electric vehicles in Morocco
· Yadea is a French-subsidiary of Norinco, the Chinese state-owned defense corporation, which manufactures civil and military products
· The deal has helped Allianz enter the electric vehicle market in Africa, by providing the distributor with dedicated insurance products
· Allianz has already made an exclusive offer to EMOB’s products, extending cheaper insurance policies for electric vehicles than for their combustion-driven counterparts
The Moroccan insurer Allianz Maroc and the Imperium Group have signed a deal to distribute Yadea-manufactured two and three-wheeled electric vehicles in Morocco. Yadea is a French-subsidiary of Norinco, the Chinese state-owned defense corporation, which manufactures civil and military products.
The two groups signed a memorandum of understanding to launch the distribution of Yadea brand electric scooters and bikes in January 2019. Allianz Maroc will take a 33% stake in EMOB’s capital, which is the Moroccan distributor of Yadea vehicles. Allianz acquired the stake by contributing MAD 3 million ($334,000). The other 67% remains with the El Baroudi family-owned Imperium Group.
The deal has helped Allianz enter the electric vehicle market in Africa, by providing the distributor with dedicated insurance products. Allianz has already made an exclusive offer to EMOB’s products, extending cheaper insurance policies for electric vehicles than for their combustion-driven counterparts.
Environmentally friendly electric vehicles are becoming popular in Morocco. The country has already started manufacturing electric vehicles and is planning to start manufacture of unmanned aerial vehicles (drones).
