The government is planning some major changes to its industrial policy for the automotive industry by providing incentives and support to other new energy vehicle (NEV) technologies, and not just electric vehicles (EVs).
This includes introducing tax rebates or subsidies for consumers to accelerate the uptake of these vehicles in South Africa.
President Cyril Ramaphosa told the SA Auto Week conference in Cape Town last week that consideration must be given to incentives for manufacturers and tax rebates or subsidies for consumers to accelerate the uptake of EVs and hybrid vehicles.
Ramaphosa did not provide any time scale for implementation of these incentives or indicate how they would be funded, but more detail could be revealed by Finance Minister Enoch Godongwana in the mid-term budget speech on 30 October.
This story is from the October 22, 2024 edition of The Citizen.
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This story is from the October 22, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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