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South Africa to Attract Chinese Investment in Electric Vehicle Industry

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Investment,Automotive,Electric Vehicles

South Africa seeks to draw Chinese investment into its R500-billion automotive industry with a new tax break for 'new-energy vehicle' production. Three Chinese automakers have already expressed interest, according to the Automotive Business Council CEO. This move comes as Chinese brands like Chery and Great Wall Motor gain traction in the South African market, challenging established players like Toyota and Volkswagen. While the industry welcomes this development, it follows concerns about the future of South Africa's car manufacturing sector due to EU regulations phasing out internal combustion engines.

poised for Chinese investment in its R500-billion motoring industry after the president signed a tax break for the production of so-called new-energy vehicles into law.

With good government policies, we will attract new investment, we will increase and retain investment While the industry has welcomed the step, it comes after years of warnings that car making, the jewel in South Africa’s manufacturing sector, is at risk because of legislation in its biggest export market — the European Union — aimed at phasing out the use of internal combustion engines.The tax amendment, first proposed in the national budget in February last year, was only enacted by President Cyril Ramaphosa on 24 December.

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South Africa Attracts Chinese Investment in Automotive IndustrySouth Africa's government has implemented a tax break for new-energy vehicle production, attracting interest from Chinese automakers. The move aims to revitalize the automotive industry amidst concerns about the phasing out of internal-combustion engines in Europe.
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