Photo by: Bloomberg
South Africa will provide fiscal support to the automotive industry to help it transition to electric vehicles, Deputy Finance Minister David Masondo confirmed earlier this month. But given the stretched fiscus the “only way to justify the government’s fiscal support to the sector is through greater localisation”. The automotive industry, which includes the production of the BMW X3 (pictured), accounted for 4.9% of South Africa’s gross domestic product and 12.4% of exports last year. Photograph: Bloomberg