Gqeberha - 24 March 2022. With an investment of R550 million, the Africa Auto Group is ready to enter the injection moulding industry in a move that will further boost Nelson Mandela Bay as a big player in the automotive industry.
The company, based in Perseverance, is set to be a tier 2 supplier for original equipment manufacturers (OEM). The investment was revealed on Thursday during the fourth SA investment conference in Sandton which President Cyril Ramaphosa is using to woo industry leaders to pump money into the economy.
Africa Auto Group is 100% black-owned. It is the venture of former Nelson Mandela Bay Business Chamber director Mandla Madwara and his partner, Lionel Arnolds, an engineer with extensive industry experience who has worked for Engen Petroleum, KMP Engineering and Coreworth Projects. Read more at HeraldLIVE - Nelson Mandela Bay
Eastern Cape Investor Networking Session
On 23 March 2022 the Eastern Cape engaged potential and existing investors in an Eastern Cape Investor Networking Session ahead of the 4th South African Investment Conference where Eastern Cape announced investments declarations worth R1 790 500 000 from companies such as Africa Auto Group, Aspen Pharmacare, Volkswagen, Seraphim, Wheel Assemblers, and Formex Industries.
View the South African Investment Conference 2022 Investment Announcement