Volvo EX30 Leads South Africa’s Electric Vehicle Market in 2024
The Volvo EX30 emerged as South Africa’s best-selling electric vehicle (EV) in 2024, with over 400 units sold—nearly double the sales of its closest competitor, the BMW iX3. This data comes from GreenCape’s 2025 Electric Vehicles Market Intelligence Report, which projects the country’s EV market to grow to 25,456 vehicles (worth R13.9 billion) by 2030.
Key Drivers of EV Growth in South Africa
According to the report, several factors are accelerating EV adoption:
- Innovative financing models
- Rising fuel costs
- Introduction of more affordable EV models
- Expansion of public charging infrastructure
South Africa currently has 7.95 million passenger vehicles, with 363,682 new cars sold in 2022 and 340,662 in 2023. EV sales showed steady growth, increasing from 503 units in 2022 to 845 in 2023.
Top-Selling EVs and Consumer Preferences
The Volvo EX30 dominated 2024 sales with 406 units sold, followed by the BMW iX3 (221 units) and Volvo XC40 (103 units). Other notable performers included:
- Mini Cooper SE hatch: 69 units
- GWM Ora: 43 units
- Mercedes-Benz EQA: 34 units
Consumer preferences revealed that:
- EVs priced between R800,000-R1.5 million were most popular
- Top speeds of 180-200 km/h were preferred
- 400-500 km battery range addressed range anxiety concerns
Tax Policy Challenges for EV Adoption
The report highlights how South Africa’s outdated luxury tax (ad valorem) significantly impacts EV affordability. Established 30 years ago with a R250,000 threshold (equivalent to R1.3 million today when adjusted for inflation), this tax adds at least 5.25% to imported vehicles above the threshold.
A striking example is the BYD Dolphin, which retails for R253,823 in China but costs R539,900 in South Africa due to these taxes. If adjusted for inflation, only vehicles above R1.3 million would currently qualify as “luxury” items.
By the end of 2024, South Africa’s cumulative EV sales reached 3,543 units with a total market value of R2.8 billion. The market is poised for significant growth, provided affordability challenges can be addressed.
Source: MyBroadband