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SA’s automotive industry could lose access to lucrative export markets such as the EU and the UK unless it attracts new investment to retool its factories to manufacture electric vehicles, Rand Merchant Bank (RMB) warned.

The EU and the UK plan to ban imports of vehicles powered by carbon-emitting internal combustion engines (ICEs) by 2030, thereby imperilling access to two of SA’s biggest export markets for locally manufactured vehicles. RMB’s warning comes as global leaders meet in Glasgow, Scotland, for the UN’s 26th climate change conference (COP26) to discuss the global transition to a less carbon-intensive economic system...

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