Automotive component manufacturers in South Africa have pledged to invest R4.86 billion into the domestic economy between now and December 2024. National Association of Automotive Component and Allied Manufacturers executive director Renai Moothilal said on Thursday this investment represented the response from 16 exhibitors at the Naacam Show 2023, to a call to report on their committed or planned investments.
He said the government would like to see targeted investment into specific components for NEVs, especially in the battery and other high-value power electronics systems. NEV hub South Africa and the African regional base can effectively serve as the hub for NEV vehicle grade materials and components beneficiation, but this requires OEMs to commit to the necessary investments across the supply chain, he said.