Vehicle financier WestBank is looking to drive the electrification of fleets in the South African market.
This week, WesBank, in partnership with FNB, hosted EVolution, an industry event aimed at empowering fleet operators in South Africa in their drive towards electric mobility.
Held at the Kyalami Grand Prix Circuit in Johannesburg, WesBank says the event provided a platform for dialogue, addressing key considerations for businesses looking to electrify their vehicle fleets.
By bringing together a group of medium and large fleet operators, the vehicle financier notes that EVolution provided an opportunity for industry stakeholders to immerse themselves in the world of electric vehicles (EVs).
It says participants gained first-hand experience behind the wheel of the latest battery electric vehicles, hybrid electric vehicles and plug-in hybrid electric vehicles.
The event also featured a masterclass on financing EVs, alongside presentations from industry experts and logistics companies already leading the adoption of EVs in South Africa.
WesBank points out that the event underscored the global shift towards electric mobility, with global EV sales reaching 17 million in 2024, a significant increase from 14 million in 2023.
According to GreenCape, this growth is largely attributed to the increased availability of EV models and their growing cost competitiveness due to rising fuel prices.
In addition, many national governments have implemented policies to phase out the sale of internal combustion engine vehicles, as noted by the International Council on Clean Transportation.
Government incentives have also played a critical role in the growth of new energy vehicle sales globally, a trend starting to unfold in SA, as government prepares to make further pronouncements regarding the country's policy position on EVs, WesBank adds.
Despite being in its infancy, the South African EV market has demonstrated significant growth, with 3 487 EVs sold in Q1 2025, compared to 3 042 and 1 665 in the corresponding periods of 2024 and 2023, respectively, according to Naamsa data.
This growth is anticipated to accelerate with government-led initiatives, such as tax incentives on local EV manufacturing, plans to expand charging infrastructure, and the drive to reduce carbon emissions through the private sector in South Africa.
However, WesBank says while the long-term outlook for EVs in SA is positive, challenges exist regarding infrastructure readiness, the commercial viability of EVs and effective strategies for transitioning to electrified fleets.
Linda Cele, products head of key accounts and partnerships for fleet management and leasing at WesBank, said: “Fleet electrification in South Africa is still in its developmental stages, with much of the current work focused on pilot projects across various industries.
“Our EVolution event provided a vital platform to address the uncertainties that hinder widespread adoption and offer practical insights based on local and global experiences.”
The event also shed light on existing and potential partnerships with OEMs, charging infrastructure suppliers, and other industry players crucial to enhancing the conversion to electric fleets.
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