BYD Auto South Africa and Absa have expanded their strategic partnership to accelerate the adoption of new energy vehicles (NEVs) by making vehicle ownership more affordable through enhanced financing, insurance and dealer support.
The strengthened collaboration, operating through BYD Finance, builds on a partnership established in 2025 and comes as demand for electric and plug-in hybrid vehicles gathers pace in South Africa.
The agreement combines BYD’s global expertise in new energy vehicle manufacturing with Absa’s vehicle financing capabilities to provide customers, dealerships and businesses with a broader range of financial solutions, including vehicle loans, dealer wholesale finance, insurance products and other value-added services.
BYD said the partnership forms part of its long-term strategy to expand its footprint in South Africa by removing financial barriers that have slowed the uptake of electric mobility.
“South Africa is an important market for BYD, and the pace of development we are seeing in the local new energy vehicle sector is encouraging,” said Steve Chang, Managing Director of BYD Auto South Africa.
He said the company is focused not only on introducing advanced electric vehicles but also on building the financial ecosystem needed to support wider adoption by consumers and businesses.
Market data from Absa underscores the rapid growth of the sector. Between January and May 2026, new energy vehicle sales increased by 78.8 percent compared with the same period last year.
Sales of plug-in hybrid electric vehicles (PHEVs) surged by 681 percent, while battery electric vehicle (BEV) sales rose 193 percent, reflecting growing consumer acceptance of cleaner transport technologies.
During the same period, BYD emerged as South Africa’s second best-selling new energy vehicle brand, recording 2,011 units sold year-to-date.
Charl Potgieter, Managing Executive for Absa Vehicle and Asset Finance, said the bank’s own financing portfolio indicates that consumer attitudes towards electric mobility are changing despite concerns over affordability and charging infrastructure.
He said the extended partnership positions Absa to support customers as the country’s electric vehicle market continues to mature.
The collaboration currently supports 52 dealerships across South Africa, with BYD targeting 80 dealerships by the end of 2026 as it expands its retail network.
The partnership also creates opportunities for Absa to support BYD’s growth across other African markets, leveraging the bank’s presence in 14 countries, including banking licences in 11 markets.
Although new energy vehicles still represent a relatively small share of South Africa’s automotive market, industry momentum has accelerated as more models become available and consumer awareness improves.
Founded in 1995 as a battery technology company, BYD has grown into one of the world’s largest manufacturers of new energy vehicles, selling more than 4.27 million passenger NEVs globally in 2024. The company continues to expand its international footprint, including a growing portfolio of electric vehicle models in South Africa.
