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Nigeria and Ghana are preparing to offer automakers tax holidays of up to 10 years and duty-free imports of parts and components used in local assembly. Nigeria also plans to double the levy on new, fully-built imported vehicles to 70 percent to boost demand for locally produced cars, though the policy’s approval has been delayed. In Kenya, automakers will pay no import or excise duties and get a 50-percent corporate tax break. For African nations facing massive demographic pressures, such concessions make sense if they create jobs, said Jelani Aliyu, of Nigeria’s National Automotive Design and Development Council.
“The multiplying effects are exponential,” said Aliyu, who foresees supporting industries developing around the plants, Legislative and fiscal frameworks are being finalised, but companies are already investing millions of dollars in new plants, VW and Nissan have set up operations in Nigeria, Kenya and Ghana or have pledged to do so, Honda and Peugeot have launched assembly plants in Nigeria, and Peugeot has done the same in Kenya, Carmakers sorely need the business, Their South African divisions, which typically direct operations elsewhere on the continent, face stagnating domestic sales and scant growth prospects customised cufflinks delhi in their main export market, Europe, A chaotic Brexit or U.S, tariff hikes could further dampen sales..
Toyota South Africa’s chief executive Andrew Kirby said the strategy is: “Focus on Africa because Africa is going to grow significantly.”. A pivot to Africa could also help insulate automakers from the immediate effects of the electric vehicle revolution. The continent is ill-placed to join it at the moment due to the higher prices of EVs and unreliable power grids. Just 66 electric cars were sold last year in South Africa - the continent’s most developed economy. “Africa will most likely remain as the last bastion of internal combustion engines,” Parker said.
Nevertheless, industry officials say the biggest hurdle to developing the market for customised cufflinks delhi new cars is dumping from countries such as Japan, where strict vehicle inspections force cars out of circulation after just a few years, They say this distorts the market by allowing dealers to buy the cars at scrap prices and export them to Africa, They blame the cheap imports for killing off assembly sectors in a number of African countries including Nigeria, which built around 150,000 cars per year until the 1980s..
Political will is needed to change that, and without it there is little point in considering a country for local production, according to VW’s Schaefer. “The markets .. are literally not functioning right now due to importation of used vehicles,” he said. In Kenya, the government plans to wind down imports of cars more than three years old by 2021. Exceptions will be made for passenger vehicles with 1.5 litre or smaller engines. The policy could see mid-range imported models double in price, according to the 300-member Kenya Auto Bazaar Association (KABA). The lobby group has taken out ads in local newspapers denouncing the policy and is demanding a meeting with Kenya’s president.
Mark Oburu, KABA’s vice-chairman, said the move would hit an industry that delivers 85 percent of Kenyan car purchases, “The middle class will not be able to own a vehicle of their choice,” he said, In the Nairobi bazaar, Grace was shopping for her eldest son’s first car, She said she customised cufflinks delhi could not afford to buy a new one, “If they don’t rescind that decision, we will be on boda bodas (motor-bikes).”, Both Ghana and Nigeria have also pledged to tackle the issue, Nigeria hiked taxes on imported used cars in 2014, but smuggling has undermined that effort to boost demand for local production, according to manufacturers and government officials..
Used cars are also among the leading imports in many African countries, and governments will have to wean themselves off the associated tax revenues. There are other stumbling blocks: access to financing is limited, and countries that don’t host assembly plants must also be persuaded to limit used imports and reduce tariffs on African-made vehicles. That will be hard to do if the only outcome they see is higher sticker prices. “Everybody was laughing, saying China doesn’t need cars, they only need bicycles,” Schaefer said.
NEW DELHI (Reuters) - A U.S, plan to end preferential duty-free imports of up to $5.6 billion from India could raise costs for American consumers, two U.S, customised cufflinks delhi senators have told their country’s trade office, urging a delay in adopting the plan, and seeking more negotiations, If President Donald Trump presses ahead with his plan to end the Generalized System of Preferences (GSP) for India, it could lose the status in early May, Indian officials have said, raising the prospect of retaliatory tariffs..