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CAPE TOWN:  Africa's top vehicle manufacturer, South Africa, could see as much as 60 billion rand ($4.04 billion) invested in its vehicle and component sector over the next five years, industry body NAAMSA said in a statement on Friday.

Andrew Kirby, president of the National Association of Automobile Manufacturers (NAAMSA), said two-thirds of the money would be direct investment by the seven automakers with plants in the country, including Toyota Motor Corp and Ford Motor Co, with the remaining 20 billion rand earmarked for car parts.

"Growing production volumes, increasing localisation significantly and using the latest technologies ... are vital to transform the South African automotive industry," Kirby, who also heads Toyota's local unit, said in a statement.

Copyright Reuters, 2019