Multinational automotive group Stellantis confirmed on Wednesday its intention to invest R3 billion in South Africa to establish a state-of-the-art greenfields automotive plant at Coega in the Eastern Cape. ADVERTISEMENT CONTINUE READING BELOW Read: Global auto group Stellantis plans manufacturing facility in SA
A cabinet statement issued at the end of last month confirmed that South Africa is negotiating with BYD about the possible opening of a manufacturing plant in SA. It said this plant would be in addition to the plant established for BAIC, another Chinese automaker, in the Coega industrial development zone .
Read: Auto component companies to invest almost R5bn in SA The investment announcement by Stellantis on Wednesday follows it signing a Memorandum of Understanding with the Industrial Development Corporation and the Department of Trade, Industry and Competition in March this year to develop such a manufacturing facility in South Africa.The new Stellantis plant is planned to be completed by the end of 2023, with the first model launch – a one-tonne pickup truck – planned for early 2026.
“It is also the execution of our ‘Dare Forward 2030’ strategy to reach over 22% market share in the region by 2030, with 70% regional localisation of our sales leading to over one million units produced,” he said. “The investment is in line with IDC’s intent to drive investment that supports the development of the regional automobile value chain,” he said.
Source: News Formal (newsformal.com)
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