ERJ staff report (BC)
Billancourt, France - Renault, SNVI (SociÃ©tÃ© Nationale de VÃ©hicules Industriels, Algeria's National Company of Industrial Vehicles) and the country's National Investment Fund (FNI) signed a shareholders' agreement yesterday for the creation of a joint venture (owned 51 percent by the Algerian partners and 49 percent by Renault) to develop the Algerian automotive industry and support local market growth.
SNVI and FNI are contributing 34 and 17 percent respectively, to form the 51 percent local stake.
A manufacturing plant will be built in Oued Tlelat, southwest of Oran, to build Renault Group passenger cars and light commercial vehicles, mainly for the Algerian market.
Production volume will start at 25,000 vehicles/year (7 vehicles/hour), ramping up to 75,000 vehicles/year (15 vehicles/hour) according to market response. The first model to be manufactured at Oued Tlelat will be the Symbol small sedan.
Local content in cars will be increased gradually, says Renault.
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