عربي English Türkçe اردو فارسى
Logo
Latest News
Business

China EV Battery Maker to Build Cathode Plant in Morocco

A general view of Tanger-Med container port in Ksar Sghir near the coastal city of Tangier, Morocco, June 26, 2019. REUTERS/Youssef Boudlal/File Photo
A general view of Tanger-Med container port in Ksar Sghir near the coastal city of Tangier, Morocco, June 26, 2019. REUTERS/Youssef Boudlal/File Photo
TT
TT

China EV Battery Maker to Build Cathode Plant in Morocco

A general view of Tanger-Med container port in Ksar Sghir near the coastal city of Tangier, Morocco, June 26, 2019. REUTERS/Youssef Boudlal/File Photo
A general view of Tanger-Med container port in Ksar Sghir near the coastal city of Tangier, Morocco, June 26, 2019. REUTERS/Youssef Boudlal/File Photo

The Moroccan government gave the green light on Friday for Chinese electric battery maker BTR New Material Group to build a factory near Tangier to produce key component cathode.
The plant, to be built at a cost of 3 billion dirhams ($300 million), will have a production capacity of 50,000 tons, Morocco’s investment ministry said.
The first output of 25,000 tons is expected in September 2026, the ministry said in a statement following the signing of the investment deal with BTR.
Moroccan officials have often pitched the country as a good location for EV battery factories because of its existing auto industry and renewable energy sectors, and the presence of raw materials including cobalt and phosphates.
Stellantis-owned Citroen has a plant in Kenitra in northwest Morocco with capacity to produce 50,000 supermini electric cars, while Renault and Stellantis-owned Peugeot make combustion-engine cars in Morocco, which is also a base for a cluster of car parts makers.

Most Viewed

 
 
Business

US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
TT
TT

US Job Growth Surges in September, Unemployment Rate Falls to 4.1%

A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo
A woman enters a store next to a sign advertising job openings at Times Square in New York City, New York, US, August 6, 2021. REUTERS/Eduardo Munoz/File Photo

US job growth accelerated in September and the unemployment slipped to 4.1%, further reducing the need for the Federal Reserve to maintain large interest rate cuts at its remaining two meetings this year.
Nonfarm payrolls increased by 254,000 jobs last month after rising by an upwardly revised 159,000 in August, the Labor Department's Bureau of Labor Statistics said in its closely watched employment report on Friday.
Economists polled by Reuters had forecast payrolls rising by 140,000 positions after advancing by a previously reported 142,000 in August.
The initial payrolls count for August has typically been revised higher over the past decade. Estimates for September's job gains ranged from 70,000 to 220,000.
The US labor market slowdown is being driven by tepid hiring against the backdrop of increased labor supply stemming mostly from a rise in immigration. Layoffs have remained low, which is underpinning the economy through solid consumer spending.
Average hourly earnings rose 0.4% after gaining 0.5% in August. Wages increased 4% year-on-year after climbing 3.9% in August.
The US unemployment rate dropped from 4.2% in August. It has jumped from 3.4% in April 2023, in part boosted by the 16-24 age cohort and rise in temporary layoffs during the annual automobile plant shutdowns in July.
The US Federal Reserve's policy setting committee kicked off its policy easing cycle with an unusually large half-percentage-point rate cut last month and Fed Chair Jerome Powell emphasized growing concerns over the health of the labor market.
While the labor market has taken a step back, annual benchmark revisions to national accounts data last week showed the economy in a much better shape than previously estimated, with upgrades to growth, income, savings and corporate profits.
This improved economic backdrop was acknowledged by Powell this week when he pushed back against investors' expectations for another half-percentage-point rate cut in November, saying “this is not a committee that feels like it is in a hurry to cut rates quickly.”
The Fed hiked rates by 525 basis points in 2022 and 2023, and delivered its first rate cut since 2020 last month. Its policy rate is currently set in the 4.75%-5.00% band.
Early on Friday, financial markets saw a roughly 71.5% chance of a quarter-point rate reduction in November, CME's FedWatch tool showed. The odds of a 50 basis points cut were around 28.5%.