Ferrari’s first electric car sells for R650 million, and a major car brand opens at a township mall in South Africa

The South African auto industry got off to a busy start this week with three separate new vehicle announcements.

MG revealed that it was updating the MG3 hatchback for the 2026 Model Year, adding customer-requested updates, and Leapmotor launched its second car in South Africa, the B10 hybrid SUV, at a starting price of R499,900.

Similarly, the Chery sub-brand Lepas introduced its second vehicle to our market, the L6 SUV, joining the brand’s catalogue alongside the entry-level L4 with a sticker of R479,900.

Oil prices have deteriorated as hopes for a short-term resolution to the US-Iran war have receded, following a new attack on a vessel in the Strait of Hormuz.

Brent Crude oil has risen from $89 to $92 per barrel. US President Donald Trump said he is not interested in extending an agreement with Iran that expired on Monday.

Iran is negotiating with Oman on how the Strait should be managed. Trump told Fox News that he threatened to bomb Oman if it got in the way of a US naval blockade.

The rand is holding its value against the dollar and is currently trading at R16.27 per USD. Stats SA is due to release inflation data on Wednesday.

5 important things

Major car brand opens at one of South Africa’s largest township malls: Hyundai has opened a first-of-its-kind automotive hub at the Jabulani Mall in Soweto. The company said the move is a vote of confidence, challenging the perception that car brands only belong in suburban malls. [TopAuto].

South Africa’s largest parcel delivery company hit by cyberattack: The Courier Guy has allegedly been hit by a ransomware attack. The Ransomware-as-a-service (RaaS) group MedusaLocker claimed on its dark web leak site that it attacked The Courier Guy, stating it would release exfiltrated internal documents from the company. [MyBroadband].

23-year-old tries to hijack two cars minutes apart: A young adult was arrested in Philippi after allegedly attempting to steal two cars in the span of a few minutes. Cape Town’s mayoral committee member JP Smit said it was an example of either a brazen or desperate crime spree. [TimesLive].

Ferrari’s first electric car sells for R650 million: Ferrari’s first all-electric vehicle, the Luce, sold for $40 million, making it the most expensive new car ever sold at an auction despite the negative reception the car received when it was unveiled. [Bloomberg].

South African rail company announced R3.4 billion investment: The South African rail company Traxtion announced a R3.4 billion rolling stock investment programme to expand its capacity with 46 locomotives and 920 wagons, taking advantage of reforms opening the nation’s rail network to private firms [Reuters].