for subscribers

Chinese to invest R11bn in SA car industry

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
Chinese President Xi Jinping. (Ma Zhancheng, AP)
Chinese President Xi Jinping. (Ma Zhancheng, AP)

Johannesburg - A Chinese state-owned car manufacturing company will invest R11bn in a new plant in Port Elizabeth, giving a further boost to one of the fastest-growing industries in the continent’s largest economy.

Beijing Automotive International Corporation signed the deal with the Coega Development Corporation in Port Elizabeth, Coega said in an emailed statement on Friday.

The investment is a result of agreements signed by President Jacob Zuma and Chinese Prime Minister Xi Jinping in December last year.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
16.19
(-0.10)
ZAR/GBP
21.11
(-0.12)
ZAR/EUR
19.19
(-0.12)
ZAR/AUD
11.55
(-0.13)
ZAR/JPY
0.15
(-0.14)
Gold
1901.55
(+0.01)
Silver
24.57
(+0.10)
Platinum
902.03
(+0.40)
Brent Crude
41.85
(-1.66)
Palladium
2378.04
(+0.61)
All Share
55339.58
(+0.99)
Top 40
50692.28
(+0.83)
Financial 15
10790.70
(+3.99)
Industrial 25
74905.70
(+1.05)
Resource 10
52561.57
(-0.49)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
24% - 69 votes
No, I did not.
52% - 149 votes
My landlord refused
24% - 70 votes
Vote