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| 12 November, 2017

Peugeot launches joint venture to build cars in Algeria

Visitors gather around a Peugeot Fractal electric coupe car during Auto China 2016 auto show in Beijing April 25, 2016.

Visitors gather around a Peugeot Fractal electric coupe car during Auto China 2016 auto show in Beijing April 25, 2016.

REUTERS/Kim Kyung-Hoon - RTX2BIG7

The French carmaker said it would hold 49% of the joint venture's capital, representing a total investment of around $117mln.

PARIS- Peugeot maker PSA Group signed a joint venture with three Algerian partners to launch a manufacturing unit building cars for the Algerian market, it said on Sunday.

The French carmaker said it would hold 49 pct of the joint venture's capital, representing a total investment of around 100 million euros ($117 million).

The Algerian partners are Condor Electronics, Palpa Pro and Entreprise Nationale de Production de Machines-Outils (PMO).

A production unit will be fully operational in 2019 with local operations gradually starting from 2018, Peugeot said. ($1 = 0.8574 euros)

(Reporting by Sybille de La Hamaide; Editing by Robin Pomeroy) ((Sybille.deLaHamaide@thomsonreuters.com; +331 4949 5145; Reuters Messaging: sybille.delahamaide.thomsonreuters.com@reuters.net))