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The automotive industry is being challenged to re-define its future. The mobility revolution, including the regulatory environment, lack of infrastructure for electric vehicles, technological advances, carbon emissions, local challenges with production for vehicles and components and a decline in local new vehicle sales are some of the challenges faced by the industry in South Africa.
PwC can assist you with all of your automotive needs. Our Automotive practice leverages its extensive industry expertise in the areas of auditing, business advisory, government incentives and tax consulting to help companies solve important problems with efficiency and quality.
The Department of Trade and Industry (DTI) offers several incentive programmes to the automotive industry, and in turn requires dedicated assurance services to ensure that funds are utilised in accordance with the regulations. Automotive companies therefore need to manage regulatory compliance risk i.e. by proactive identification processes and effective plans for prompt mitigation.
Generally any updates to regulatory matters also require companies to adjust their internal processes; enabling the understanding and correct implementation of new regulations (e.g. the upcoming South African Automotive Industry Masterplan). Our dedicated team, spread across strategic regions, looks after the assurance programmes applicable to OEMs and component manufacturers, to address the need of compliance with the automotive industry government incentives.
Our Africa Tax Desk provides the following assistance, amongst other services
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