R3.5bn empowerment venture fund to be launched in auto sector this year

South Africa’s seven light vehicle manufacturers plan to launch a R3.5-billion venture fund this year, aimed at boosting black economic empowerment in the domestic automotive manufacturing industry. The seven manufacturers are BMW, Ford, Toyota, Mercedes-Benz, Isuzu, Nissan and Volkswagen. They are all 100% owned by their parent companies abroad.