President Cyril Ramaphosa says Toyota South Africa’s R10.4 billion investment in its Durban manufacturing plant will strengthen local manufacturing, boost supplier development and create jobs across the automotive value chain.
In a pre-recorded keynote address played at the launch of Toyota South Africa’s new-generation Hilux on Thursday, Ramaphosa described the investment as a major boost for the country’s industrial sector at a time of increasing global competition for investment.
He said the investment extends beyond vehicle production, with approximately one-third of the funding directed towards expanding local supplier capacity and tooling.
Ramaphosa also highlighted that suppliers had invested an additional R2 billion to increase localisation, saying the combined investment would help build a more resilient manufacturing ecosystem while creating opportunities for small and medium-sized enterprises.
The investment follows several challenging years for Toyota’s Prospecton plant in Durban, which was severely affected by the COVID-19 pandemic, the July 2021 unrest and the devastating 2022 floods.
The President said investments of this scale reinforce South Africa’s position as a leading automotive manufacturing hub and demonstrate confidence in the country’s industrial capabilities despite global economic headwinds.