IR: As things stand, EVs in South Africa could be seen as a fascination or a fad. But given that the world is moving inexorably towards a future that is building its road transportation on an electric cornerstone, ignoring EVs is no longer an option. The time has come to build consumer confidence, grow dealer floors, and expand automotive factories for the benefit of electromobility.
NM: It started out being technology that is being tried out. It is for a few people, but we are going to start to see prices coming down. We are seeing technology getting better and better in battery technology, but we're also seeing more affordable options of vehicles coming to South Africa as well.
We've got obstacles in the space, but there are definitely opportunities for individuals to go electric with the prices coming down and also specifically businesses which do a lot of kilometres. There is a real opportunity. It's an opportunity to go green and to also save money while doing it.
MH: We're at an interesting inflexion point from early participants to mass adoption. And we see this industry growing exponentially over time. It's not “if, it's just “when” and what that growth rate is going to look like.
And it is going to unlock many opportunities, whether it's for the individual driver of an electric vehicle or for some of the participants in the industry.
IR: And if you need more convincing, Mark has one simple piece of advice.
MR: Electric vehicle driving is fascinating and you just have to try it out. There are many features which electric vehicles allow for, which in a South African context are great. For instance, you can pre-condition your vehicle before you get into your car. Meaning you can set the right temperature. If you look at the comfort levels, it's superior to any internal combustion engine.
And we talk a lot about pollution, but electric vehicles are quiet. It's a form of comfort which we've forgotten about . Besides that, electric vehicles are the unique solution of combining the latest in technology, comfort features, autonomous driving.
Electric vehicles normally come with state of the art safety and assistance systems and that will also make South African roads safer, not only for drivers of electric vehicles, but also for pedestrians or other road users.
IR: Thanks for listening to this episode of The Current brought to you by Investec Focus Radio. Investec Focus Radio. In our next episode, we're zoning in on the green transition in Africa.
The continent is rich in the rare earth minerals needed for green energy and has abundant solar power, but needs infrastructure investment of $2.9 trillion by 2050 to enable its energy transition.
We look at what's needed to make this a reality. You can find all episodes of The Current on the Investec website or wherever you get your podcasts.
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Disclaimer: The views expressed are those of the contributors at the time of publication and do not necessarily represent the views of the firm and should not be taken as advice or recommendations. Investec Private Banking, a division of Investec Bank Limited. A registered credit provider committed to the Code of Banking Practice as regulated by the Ombudsman for Banking Services.