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Capital structure of the South African automotive industry: historical perspectives and development implications

The capital structure of the South African automotive industry has undergone a pronounced transformation since 1994. After seven decades of Import Substituting Industrialisation and widespread MNC disinvestment from the late 1970s, the promulgation of the MIDP in 1995 and the associated re-engagement of MNCs in South Africa, has launched the industry on an entirely new development path. The industry is now locked into a global operating environment, albeit in a peripheral manner, that limits opportunities for national capital and major foreign direct investment.