Репост из: South Africa Reports
🇿🇦🇨🇳 SA’s EV tax break may lure China to invest in multi-billion-rand industry
Enabling a 150% tax deduction on investment in electric- and hydrogen-powered vehicle production comes as Chinese automakers are taking Africa’s biggest car market by storm.
South Africa is poised for Chinese investment in its $27 billion automotive industry after the president signed a tax break for the production of so-called new-energy vehicles into law.
Three Chinese automakers have already signed non-disclosure agreements with the Automotive Business Council, CEO Mikel Mabasa said, declining to identify them.
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.
https://www.moneyweb.co.za/news/south-africa/south-africas-ev-tax-break-may-lure-china-to-invest-in-multi-billion-rand-industry/
Enabling a 150% tax deduction on investment in electric- and hydrogen-powered vehicle production comes as Chinese automakers are taking Africa’s biggest car market by storm.
South Africa is poised for Chinese investment in its $27 billion automotive industry after the president signed a tax break for the production of so-called new-energy vehicles into law.
Three Chinese automakers have already signed non-disclosure agreements with the Automotive Business Council, CEO Mikel Mabasa said, declining to identify them.
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.
https://www.moneyweb.co.za/news/south-africa/south-africas-ev-tax-break-may-lure-china-to-invest-in-multi-billion-rand-industry/