industry is a leading contributor to global warming, placing immense pressure on it to transition from unsustainable operations in line with the Paris Agreement’s emission reduction targets for 2050.
, which outlines a policy framework supporting the local EV market. This was complemented by an announcement from the finance minister regarding a 150% tax rebate for automotive manufacturers who repurpose or establish new plants for EV production, ensuring South Africa’s relevance on the global automotive stage.
The local component manufacturing industry, currently adept at supplying internal combustion engine components, faces a seismic shift in an EV landscape, where up to 60% of costs are attributed to the production of batteries and motors .
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