Electric Vehicles Update - South Africa's Electrified Future Predicted Market Surge

The electric vehicle (EV) and charging infrastructure market in South Africa is poised for substantial growth, with projections indicating an increase to USD 471.3 million by 2025 and reaching USD 1.01 billion by 2029. Despite a slightly moderated growth rate compared to prior years, the market continues to expand significantly, buoyed by a robust compound annual growth rate (CAGR) during 2020-2024 and a strong expected CAGR from 2025-2029. The report from Research and Markets offers a comprehensive analysis of the South African EV landscape, including detailed market segmentation and insights into investment opportunities and market dynamics across various EV and charging infrastructure segments. This includes market size by value and volume, drive type, vehicle class, and charging infrastructure details, all crucial for understanding the evolving EV ecosystem in the region.

In other trading, Seres GroupLtd (SHSE:601127) was a notable mover up 10% and ending trading at CN¥145.87, not far from its 52-week high. At the same time, XPeng (NYSE:XPEV) trailed, down 7.9% to close at $20.50. Earlier this week, XPeng reported a significant year-over-year increase in revenue for Q1 and projected even higher revenue growth for Q2.

XPeng's focus on AI and international growth could delay profitability due to rising R&D costs. Discover the full narrative on XPeng's strategic positioning.

Be sure to revisit our Market Insights article titled "The Investing Case For Automation And Robotics Stocks," where we examined the critical role of AI-powered autonomous vehicles and drones in transforming electric vehicle investments—explore these trends before they reshape the market landscape.

Best EV Stocks

• BYD (SEHK:1211) finished trading at HK$465.20 up 2%, not far from its 52-week high. On Tuesday, BYD announced plans to establish a European headquarters and R&D center in Hungary, creating nearly 2,000 jobs.
• Tesla (NasdaqGS:TSLA) ended the day at $341.04 up 1.9%.
• Ford Motor (NYSE:F) finished trading at $10.44 down 0.4%.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Sources:

• Simply Wall St
• "South Africa Electric Vehicle and Charging Infrastructure Market Report 2025 | EV Charging Infrastructure in South Africa to Reach $1.01 Billion by 2029" from Research and Markets on GlobeNewswire (published 23 May 2025)

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