The sale of ‘new energy vehicles’ (NEVs) in South Africa, comprising of battery-electric models, plug-in hybrids, and conventional hybrids, has reached record highs in 2026, with 16,289 unit sales in the year to date – an 88% year-on-year increase compared to the same point in 2025. On this year’s World EV Day, international bank Investec is arguing that the next stage of EV adoption in South Africa needs to focus on the long-term economics of EV ownership, with the barrier of initial purchase cost quickly fading.
The next step in South Africa’s EV journey
Electric vehicle adoption in South Africa has lagged behind many other markets globally, but it seems that the tipping point has finally arrived in 2026, with more NEVs sold so far in 2026 than in all of 2025. Investec themselves have seen NEV adoption within its vehicle finance arm rise 51% year-on-year, with NEV lending continuing to outpace overall vehicle asset finance portfolio growth.
When it comes to charging, South Africa already has over 550 public charging stations, with 30% of those being rapid or ultra-rapid DC fast charging stations. For charging at home, many homes are already integrating solar and battery storage systems, with total solar capacity in South Africa continuing to grow. This could help to push the cost per mile of EV ownership even lower than that of their petrol and diesel counterparts.
De Wet Taljaard, Technical Advisor at Investec Sustainable Solutions, argues that communicating the technologies available to EV-driving homeowners, such as solar, will be key in encouraging mainstream EV adoption: “Once you stop looking at an EV as simply a car and start examining it as part of a household’s broader energy system, the economics become more interesting, and the decision becomes more tangible when it is connected to everyday use.”
The strong growth in NEV sales over 2026 also suggests South Africa will have an increasingly healthy supply of used electric cars in the years to come, allowing more drivers to make the switch for an affordable price. We’ve already seen that mechanic play out in countries such as the UK, where years of strong EV sales have led to a healthy used market, with used sales also rising year-on-year as a result. Improvements to battery testing and the batteries themselves also means used EV purchases can be made much more confidently than before.
Taljaard argues that the current market mix suggests a distinct South African pathway is already emerging. To sustain this momentum, elements such as readiness for charging, appropriate installation and maintenance skills, and wider infrastructure and finance solutions need to be in place.
