Tagged: loses

Vehicle export sales down 33.1%, auto industry loses more than R3bn due to unrest

The automotive industry was hard hit by unrest, lockdown level 4 restrictions and a cyberattack on Transnet.


The automotive industry was hard hit by unrest, lockdown level 4 restrictions and a cyberattack on Transnet.

  • Recent unrest in KwaZulu-Natal and Gauteng as well as the cyberattack on Transnet have negatively impacted vehicle imports and exports, data from naamsa show.
  • Physical damages to assets and property, lost sales orders and cancellation of new developments in the automotive industry are estimated at over R3 billion, said naamsa CEO Mikel Mabasa.
  • Lockdown level 4 restrictions have also slowed down the momentum of the automotive industry’s recovery.

Recent unrest in KwaZulu-Natal and Gauteng as well as a cyberattack on Transnet has

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Nigeria’s auto industry loses $10bn yearly to petrochemical, steel deficits | The Guardian Nigeria News

Workers assembling a vehicle

Government’s failure to revive steel companies and equally develop indigenous petrochemical plants have stalled the local automotive development agenda, leading to loss of $10 billion yearly to large scale importation of fully-built motor vehicles and allied components used for local assembling.

For instance, steel accounts for about 60 per cent of raw materials used in automobiles, while petrochemicals are used for plastics and foam used in vehicle interiors.

Despite being an oil-producing nation, non-existent refining capacity continues to undermine the country’s capacity to provide feedstock for allied industries.

In the alternative, local manufacturers are heavily dependent

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