In Abu Dhabi, a rare car licence plate with the single-digit number "P7" was sold for a whopping $15 million, which is approximately R218 million. Mind you, a standard personalised number plate with seven letters or numbers can cost around R2 500 to R5 000 in South Africa.
The sale of the licence plate set a new bar in the United Arab Emirates, surpassing a previous record set more than a decade ago for a licence plate with the number "7".
The licence plate was sold at a charity auction, with all proceeds going towards Sheikh Mohammed bin Rashid Al Maktoum’s global food aid initiative, the 1 Billion Meals Endowment. The auction attracted wealthy bidders from around the world, with the winning bid coming from an anonymous buyer.
The P7 licence plate is considered to be one of the most coveted in the world, as single-digit licence plates are extremely rare and highly sought after. The sale of the licence plate not only broke records but also raised significant funds for a worthy cause.
As the gavel came down on the record-breaking sale, attendees cheered and congratulated the buyer on his/her new acquisition. The sale of the P7 licence plate will be remembered as a historic moment in the United Arab Emirates and serves as a reminder of the wealth and extravagance that can be found in the region.
President Cyril Ramaphosa has expressed strong confidence in South Africa's automotive industry, stating it is making crucial investments to build resilience and lead the transition to green mobility despite mounting global pressures.
South Africa is scrambling to protect its economy after USA’s President Donald Trump signed sweeping tariff measures targeting the country's key exports, potentially putting 100 000 jobs at risk, reported Reuters on 1 August.
Vehicle exports to the US – South Africa’s second-largest trading partner and a key destination for locally manufactured premium models – have plummeted by 82.2% in the first half of the year compared to the first half of 2024.
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If you are not taking care of your customer, your competitor will.
Bob Hooey
President Cyril Ramaphosa has expressed strong confidence in South Africa's automotive industry, stating it is making crucial investments to build resilience and lead the transition to green mobility despite mounting global pressures.
South Africa is scrambling to protect its economy after USA’s President Donald Trump signed sweeping tariff measures targeting the country's key exports, potentially putting 100 000 jobs at risk, reported Reuters on 1 August.
Vehicle exports to the US – South Africa’s second-largest trading partner and a key destination for locally manufactured premium models – have plummeted by 82.2% in the first half of the year compared to the first half of 2024.
