Neo Motors
TypeBrand
IndustryAutomotive
FoundedMay 2018 (2018-05)
Founder
Headquarters
Aïn El Aouda
,
Morocco
Area served
Africa
Key people
  • Nassim Belkhayat (CEO)
Number of employees
45
Websiteneomotors.ma

Neo Motors is a Moroccan automobile manufacturing startup headquartered in Aïn El Aouda, near Rabat, Morocco.[1] Founded in May 2018 by Nassim Belkhayat and Mohamed Mehdi Bensaid, a prototype SUV was unveiled in May 2023 during a showcase to King Mohammed VI.[2][3] Neo Motors is the first homegrown automobile company in Morocco.[4] The company began delivering their first models in December 2023.[5][6]

History

Nassim Belkhayat began a project to manufacture fully Moroccan made car in 2016.[7][8] The same year, a chassis based on the 1940 Jeep Willys was developed and designed for Neo Motors in cooperation with Wallyscar.[8][9] The project concretized in 2017, after Stellantis began the manufacturing of a car engine in the PSA Kenitra plant.[9][3] The company was registered in May 2018, and their chassis design was patented shortly afterwards.[8][10]

In 2019, politician Mohamed Mehdi Bensaid (PAM) acquired 50% of Neo Motors' capital through a 500 million dirham (about 50,000,000 USD) investment.[10][11] A childhood friend of Belkhayat, Bensaid was accused of having a conflict of interest due to his investment in Neo Motors after he became Minister of Culture.[12] Bensaid defended himself, by claiming that he did not hold any "position of responsibility" within Neo and denied "playing any role in its management", explaining his stake in the company as "strictly financial".[13] In December 2023, parlementarian Abid Badil (RNI) invested in Neo Motors.[14]

The production plant in Aïn El Aouda began construction in 2020 following a 50 million dirham (about 5,000,000 USD) investment from local banks.[4][10] A car prototype underwent a crash test in 2022 and was subsequently approved by the National Agency for Road Safety in February 2023.[15][8] In May 2023, a prototype SUV was unveiled alongside the NamX HUV in the Royal Palace of Rabat, during a showcase of Moroccan-made vehicles to King Mohammed VI.[16][2] In June 2023, a model was presented at the GITEX Africa trade show in Marrakech.[15]

In November 2023, Belkhayat expressed a potential initial public offering at the Casablanca Stock Exchange as a future target.[4] In December 2023, the company started delivering their first models to customers after a ceremony attended by Minister of Industry and Trade, Ryad Mezzour and announced an extension of their Aïn El Aouda plant.[5][17]

Operations

A Neo Motors model being presented at GITEX Africa in 2023

The Neo Motors production plant is based in Aïn El Aouda, near Rabat, with a $15 million investment and currently has 45 employees and a production capacity of 5,000 units.[8][18] The company's goal is to manufacture a car fully made in Morocco, with a 65% integration rate and fifteen Moroccan suppliers.[9][3][19]

The engine is manufactured in Kenitra by Stellantis, the sheet metal by Maghreb Steel in Casablanca, the metal is bent at Technique Aciers before being welded by Socafix and the bodywork being made in Neo Motors' Aïn El Aouda plant.[9][8] The company signed an agreement with the Office of Vocational Training and Labor Promotion (OFPPT) to offer training in vehicle manufacturing.[17][20]

Models

The first model, a three-door model named NEO 3 Portes is made of fully recyclable fiberglass compact SUV, costs 175,000 dirham (US$17,500) for a three-cylinder engine and 185,000 dirham (US$18,500) for a four-cylinder engineMSRP.[21] The manual transmission car, which was initially codenamed Niya or Siir, has the patented chassis based on the 1940 Jeep Willys, and has a retractable hardtop roof.[10][15][9]

References

  1. ↑ "Automobile : Neo Motors et NamX, les pionniers du Made in Morocco". LesEco.ma (in French). 2023-05-17. Retrieved 2023-06-07.
  2. 1 2 "Morocco unveils hydrogen vehicle prototype HUV". AfricaNews. 2023-05-17. Retrieved 2023-06-07.
  3. 1 2 3 "«Vers un véhicule fiable, accessible et fabriqué localement»: les ambitions de Neo au Maroc". Arab News (in French). 2023-05-18. Retrieved 2023-06-07.
  4. 1 2 3 Karam, Souhail (2023-11-15). "Morocco's First Carmaker Plans IPO to Expand Into EV Production". Bloomberg. Retrieved 2023-12-10.
  5. 1 2 "Neo Motors livre ses premiers véhicules et lance l'extension de son usine". Infomédiaire (in French). 2023-12-01. Retrieved 2023-12-02.
  6. ↑ "Remise des premiers véhicules de Neo Motors à leurs propriétaires". Le Desk (in French). Retrieved 2023-12-06.
  7. ↑ ""Neo Motors" une success story 100% marocaine. Le point avec Nassim Belkhayat". Medi1 News (in French). 2023-05-16. Retrieved 2023-06-08.
  8. 1 2 3 4 5 6 Ben Hayoun, Moncef. "Neo Motors: les révélations de Nassim Belkhayat". Le Matin (in French). Retrieved 2023-06-08.
  9. 1 2 3 4 5 Brequeville, Brian (2023-05-16). "Neo Motors : commercialisation, production, financement, prix, taux d'intégration... Ce que l'on sait". Medias24 Le Boursier (in French).
  10. 1 2 3 4 Sbiti, Soufiane (2023-01-26). "Mehdi Bensaid, investisseur "mystère" de la marque automobile Neo promue par Ryad Mezzour". Le Desk (in French). Retrieved 2023-06-07.
  11. ↑ "Affaire Neo Motors: accusé de conflit d'intérêts, Mehdi Bensaid réagit". Le 360 (in French). Retrieved 2023-06-07.
  12. ↑ Sbiti, Soufiane. "Affaire Neo Motors : un storytelling servi par TelQuel pour amender Bensaid". Le Desk (in French). Retrieved 2023-12-06.
  13. ↑ "Affaire Neo Motors: accusé de conflit d'intérêts, Mehdi Bensaid réagit". Le 360 Français (in French). Retrieved 2023-12-06.
  14. ↑ Sbiti, Soufiane (2023-12-21). "Le parlementaire RNIste Abid Badil, nouvel associé de Mehdi Bensaid et Nassim Belkhayat dans Neo Motors". Le Desk (in French). Retrieved 2023-12-21.
  15. 1 2 3 Webster, Nick (2023-06-02). "How Morocco's answer to Volkswagen aims to drive economic prosperity". The National. Retrieved 2023-06-07.
  16. ↑ "Automotive: Everything you need to know about NEO and HUV". L'Economiste (in French). 2023-05-18. Retrieved 2023-06-07.
  17. 1 2 "NEO MOTORS lance la commercialisation de sa voiture "NEO"". L'Economiste (in French). 2023-12-01. Retrieved 2023-12-02.
  18. ↑ كراخي, مراد; شافعي, محمد (2023-05-17). "من مصنع نيو موتورز.. هنا تُصنع أول سيارة مغربية". SNRT News (in Arabic).
  19. ↑ Harrouchi, Mostapha (2023-05-24). "مصنع سيارة "نيو موتورز" المغربية تتلقى أول طلبية من السنغال". Le12.ma (in Arabic). Retrieved 2023-06-07.
  20. ↑ "Lancement de la commercialisation de la voiture NEO". Finance News Hebdo (in French). Retrieved 2023-12-02.
  21. ↑ "Vehicles". NEO Motors.
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