Absa and BYD Strengthen Strategic Partnership with Launch of BYD Finance in South Africa

Johannesburg, 10 July 2026 — Absa and BYD Auto South Africa have elevated their collaboration through the official launch of BYD Finance last night in Johannesburg. This introduces a tailored financial solution designed to make new energy vehicles more accessible and affordable for South African customers and dealers.

The partnership, which builds on cooperation established in 2025, combines Absa’s vehicle and asset finance expertise with BYD’s growing range of electric and plug-in hybrid vehicles. It includes wholesale finance for dealerships, customer vehicle finance, insurance solutions, and value-added services.

Strong Growth in New Energy Vehicles

Between January and May 2026, new energy vehicle (NEV) sales in South Africa increased by 78.8% year-on-year, with plug-in hybrids surging 681% and battery electric vehicles 193%. BYD has established itself as the country’s second-best-selling NEV brand, with 2,011 units sold year-to-date.

Charl Potgieter, Managing Executive for Absa Vehicle and Asset Finance, noted: “Consumer attitudes are changing. Extending our cooperation with BYD allows us to support customers as the market develops.”

Innovative Finance Products

BYD Finance introduces several customer-friendly features aimed at lowering barriers and improving total cost of ownership:

• Prime minus one financing for the first 1,000 customers.
• Flexible and decreasing payment structures that adjust as the vehicle’s value reduces over time.
• Guaranteed future value options providing certainty at the end of the finance term.
• Up to 20% discount on insurance.
• Additional rewards and lifestyle benefits integrated into the ownership experience.

These innovations address common concerns around affordability, residual value, and long-term ownership costs.

Expansion Plans

The partnership currently supports a network of 52 dealerships, with a target of 80 by the end of 2026. BYD also announced plans to enter Namibia and Botswana, signalling broader Southern African ambitions.

Steve Chang, Managing Director of BYD Auto South Africa, emphasised: “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 Chang. “For BYD, this is about more than bringing world-leading vehicles to market. It is about building the ecosystem that helps more South Africans access them.”

Strategic Context

While vehicle manufacturing in South Africa remains challenging, BYD is focusing on technology leadership (particularly batteries) and ecosystem development rather than local assembly. The company plans to introduce models with up to 600km range on a single charge next year, alongside rapid expansion of fast-charging infrastructure.

This partnership comes at a time when many South Africans and businesses are already investing in solar and alternative energy solutions, making EVs and hybrids increasingly practical despite grid challenges.

The collaboration between Absa’s pan-African platform and BYD’s global new energy expertise positions both brands to capture growing demand in a market shifting toward cleaner, smarter mobility.