South African Auto Sector in Line for $4 Billion Investment Boost

South Africa one of Africa’s top vehicle manufacturers, can anticipate a rise as much as 60 billion rand ($4.04 billion) invested in its vehicle and component sector over the next five years, a statement made by industry body NAAMSA.

President of the National Association of Automobile Manufacturers, Andrew Kirby (NAAMSA), stated that two-thirds of the money will be seven automaker’s direct investment with plants in the country, which also includes Toyota Motor Corp and Ford Motor Co, and the remaining 20 billion rand will be allocated for car parts.
Kirby, who also commands Toyota’s local unit, indicated in a statement, “Growing manufacturing volumes, expanding localization significantly and applying the latest technologies are imperative to revolutionize the South African Automotive Industry,”

Posted on : 23 May,2022 | News Source : ABNews

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