Electric cars may kill off South Africa’s R96 billion platinum industry

All Volvo models launched after 2019 will be electric or hybrids.

It is the first major traditional carmaker to set a date for completely phasing out engines solely powered by an internal combustion engine.

This is a huge concern for South Africa’s R96 billion platinum industry.

Platinum is used for catalytic converters in cars powered by an internal combustion engine.

The Money Show’s Bruce Whitfield interviewed Vestact MD Paul Theron.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

45% of platinum is used in internal combustion engines.

Paul Theron, Vestact

Only about 400 000 electric or hybrid vehicles are currently produced per year.

Paul Theron, Vestact

The platinum price is down 16% over the last year.

Paul Theron, Vestact

Despite weak production there is a long-term demand concern.

Paul Theron, Vestact

Platinum stocks are looking weak against this backdrop.

Paul Theron, Vestact

Anglo American was worth four times more back in 2008/2009.

Paul Theron, Vestact

Maybe we should dig it all out of the ground now?

Paul Theron, Vestact

Greedy politicians, unionists and capitalists should not take this for granted.

Paul Theron, Vestact

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