South Africa – American automobile giant Ford is set to invest 5.2 billion rand ($281 million) in its South African factory for the production of hybrid vehicles. The investment will facilitate the production of the Ranger plug-in hybrid model, which is expected to roll out by the end of 2024.
According to Africa News Agency, The significant investment by Ford underlines South Africa’s role as a key player in the global automotive industry, particularly in the context of the increasing demand for environmentally friendly vehicles. Approximately 75% of vehicles manufactured in South Africa are exported, primarily to European countries, which are progressively moving towards banning the sale of thermal engine vehicles by 2035. The automotive sector in South Africa is a vital component of the national economy, accounting for 5% of the country’s gross domestic product and generating over 100,000 direct jobs.