Developers of South Africa's first all-electric car are courting top Asian car companies to raise close to R7-billion and boost production to 50 000 units a year by 2015, an executive said.
The five-seater MPV Joule launched at the Paris Motor Show in 2008. It is being developed mainly for the international market by Optimal Energy.
“We've gone to Korea, China and India to major car manufacturers. There is a lot of interest,” Optimal Energy Chief Executive Kobus Meiring told Reuters. He did not want to name any potential partners.
“To go into high-volume production you need about R7-billion, which includes setting up a plant,” said Meiring, adding that 8000 to 12 000 jobs could be created.
The company has a plant in East London, but it can only make 1000 cars a year, too few for commercial success.
Africa's largest economy has identified green industries as one of its key focus areas of growth, and Meiring felt the Joule, supported by R150-million in government funding, was a prime example to boost technology and innovation.
“It's an opportunity for South Africa for the first time in 100 years to become the owner of an automotive brand and how this rubs off on everything,” said Meiring.
The Joule, driven by rechargeable lithium ion batteries, would use a normal 220-volt home outlet to power up. It will have a range of about 300km and top speed 140km/h.
It is aimed at urban car users and will compete with other top manufacturers, such as Toyota (7203.T), that have invested heavily to encourage green motoring among drivers worried about high fuel costs, harmful emissions and global warming.
“All of the market information we have today says that the UK and Europe will be the first electric vehicle markets, with China catching up soon,” Meiring said. More than 80 percent of Joules made will be destined for export.
Meiring said the Joule would cost local customers in the region of R240 000 rand at today's prices. Europeans would pay about 21 000 euros. -Reuters