https://en.sputniknews.africa/20250104/sas-tax-incentives-pave-way-for-chinese-investment-in-electric-vehicle-manufacturing-report-says-1070036211.html
SA's Tax Incentives Pave Way for Chinese Investment in Electric Vehicle Manufacturing, Report Says
SA's Tax Incentives Pave Way for Chinese Investment in Electric Vehicle Manufacturing, Report Says
Sputnik Africa
In 2023, 21.9% of domestic manufacturing output came from the manufacture of vehicles and components, while the automotive industry contributed 5.3% to GDP... 04.01.2025, Sputnik Africa
2025-01-04T18:15+0100
2025-01-04T18:15+0100
2025-01-04T18:15+0100
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South Africa's tax incentives paved the way for the Chinese investment in electric vehicle manufacturing in the African country, CEO of the National Association of Automobile Manufacturers of South Africa (NAAMSA) told a Western media outlet.Three Chinese automakers have already signed non-disclosure agreements with the NAAMSA, signaling potential investment in the electric vehicle manufacturing industry after the South African president approved the 150% incentive, he said without naming the Chinese companies.Last Tuesday, South African President Cyril Ramaphosa signed into law a tax amendment that allows for a 150% tax deduction on investments in the production of electric and hydrogen-powered vehicles, in an effort to attract investment in South Africa's automotive industry, which was first announced in the national budget by Finance Minister Enoch Godongwana last February, local media reported.This move comes as Chinese auto brands like Chery and Great Wall reportedly gain market share and amid concerns about South Africa's automotive industry's future due to the EU's phasing out of combustion engines.
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economy, cyril ramaphosa, south africa, china, cars, export, industry, southern africa, asia, taxes, vehicle, investment
economy, cyril ramaphosa, south africa, china, cars, export, industry, southern africa, asia, taxes, vehicle, investment
SA's Tax Incentives Pave Way for Chinese Investment in Electric Vehicle Manufacturing, Report Says
Elizaveta Roschina
Writer/Editor
In 2023, 21.9% of domestic manufacturing output came from the manufacture of vehicles and components, while the automotive industry contributed 5.3% to GDP, the National Association of Automobile Manufacturers of South Africa said in its website.
South Africa's tax incentives paved the way for the
Chinese investment in electric vehicle manufacturing in the African country, CEO of the National Association of Automobile Manufacturers of South Africa (NAAMSA) told a Western media outlet.
"With good government policies we will attract new investment, we will increase and retain investment," Mabasa noted.
Three Chinese automakers have already signed non-disclosure agreements with the NAAMSA, signaling potential investment in the electric vehicle manufacturing industry after the South African president approved the 150% incentive, he said without naming the Chinese companies.
Last Tuesday, South African President
Cyril Ramaphosa signed into law a tax amendment that allows for a 150% tax deduction on investments in the production of electric and hydrogen-powered vehicles, in an effort to attract investment in South Africa's automotive industry, which was first announced in the national budget by Finance Minister Enoch Godongwana last February, local media reported.
This move comes as Chinese auto brands like Chery and Great Wall reportedly gain market share and amid concerns about South Africa's automotive industry's future due to the EU's phasing out of combustion engines.
