"This is not just about creating a greener future, but also about ensuring South Africa remains competitive in the global markets as many of our major trading partners rapidly shift toward EVs," he said in a speech at Naamsa The Automotive Business Councils South African Auto Week conference in Cape Town on Thursday.
"It is also imperative that we remain part of this global supply chain. If we don't, we will be left behind," he said.
In February, finance minister Enoch Godongwana introduced long-awaited incentives to aid in attracting investment for the local production of EVs. The scheme will allow producers of electric and hydrogen vehicles to claim up to 150 of "qualifying investment spending" in the first year.
The announcement, which was eagerly anticipated by the motoring industry, has one big catch it will only come into effect in 2026.
