Finweek English Edition - - THE WEEK -

Ford has in­vested R2.5bn in its lo­cal pro­duc­tion fa­cil­i­ties in Sil­ver­ton to build the Ever­est sports util­ity ve­hi­cle (SUV), the group said. In re­cent months, car­maker Volk­swa­gen pledged R4.5bn to build new mod­els in the coun­try, while BMW said it will in­vest R6bn to build the new X3 SUV here. The in­vest­ments, which are en­ti­tled to tax breaks and other in­cen­tives un­der gov­ern­ment’s Au­to­mo­tive Pro­duc­tion and Devel­op­ment Pro­gramme (APDP), have con­tin­ued de­spite a drop in lo­cal new ve­hi­cle sales. In March, sales of new ve­hi­cles dropped 14% year-onyear to 47 361, while sales for the first quar­ter were down 10% year-on-year.

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