South Africa's National Treasury said on March 12 that the government will spend 1 billion rand to support the local production of new energy vehicles, batteries, and related manufacturing sectors. This incentive is estimated to attract 30 billion rand in investment. 

In its annual budget review, it mentioned the Department of Trade and Industry will cooperate with the Department of Mineral Resources to approve and implement a regional critical minerals strategy but not release a timeline yet. 

Essential minerals like copper, lithium, and cobalt are crucial for manufacturing products such as electric vehicle batteries and solar panels, playing a vital role in the global energy transition.

The treasury announced that 1 billion rand will be allocated over the medium term for the industrial development support programme, an incentive plan designed to boost participation and investment in infrastructure by companies in targeted manufacturing sectors, including vehicle.