South Africa's EV sales speed for all-time high
Around 40% of the total sales of new energy vehicles seen throughout last year have been realized in Q1 2024 only
The National Association of Automobile Manufacturers of South Africa (Naamsa) has released its quarterly review for the first quarter of 2024. The report shows a jump in the electric vehicle sales market during the considered period.
Per the data provided, a total of 3,042 new energy vehicles (NEVs)—traditional hybrid, fully electric, and plug-in hybrid automobiles—were sold between January and March 2024, an 82.7% jump from the 1,665 that was recorded in Q1 2023.
Hybrids, which combine internal combustion engines with electric motors, sold the most out of the three EV models. In Q1 2023, their figures stood at 1,408. Now that has increased 82.8% to 2,574 units. Between 2019 and 2021, only 464 hybrids were bought.
As for fully electric vehicles, 330 were sold during the quarter, compared to 232 sold during the same quarter of last year. Meanwhile, plug-in hybrid models, whose batteries power both electric and internal combustion engines, sold 138 compared to 25.
Overall, around 40% of the total sales of new energy vehicles seen throughout last year have been realized in Q1 2024 only. In 2023, the country sold a 7,746 total, marking a record year. Should the current momentum be sustained, this year might break previous records.
Regardless of 2023 being a tough economic year for South Africa, electric vehicle sales continue to rise due to the growing trend towards sustainability, as well as the introduction of a variety of EVs for locals to choose from.
The government also has a hand in the surge. Back in February, it introduced an investment incentive on the local production of EVs, allowing producers to claim 150% of qualifying investment spending as of March 1, 2026.
With these numbers are north of 300 charging stations, South Africa remains the largest electric vehicle market in Africa.
Comments ()