By As new energy vehicle adoption gains pace in South Africa, Absa and BYD Auto South Africa have elevated their collaboration, entering into a strategic cooperation that builds on the relationship first established in 2025. The cooperation reflects a shared commitment to scaling new energy mobility in the local market and strengthening efforts to support the country’s energy transition.
Originally announced in 2025, the relationship brought together one of South Africa’s leading vehicle financiers and one of the world’s largest manufacturers of new energy vehicles. Through the extended cooperation, Absa will continue providing vehicle finance and broader banking solutions to support BYD’s dealer network and customers in South Africa, including wholesale finance for dealerships, vehicle finance for customers, insurance solutions, and other value-added services.
Between January and May 2026, Absa data shows new energy vehicle sales increased by 78.8% compared with the same period last year, driven by strong growth in both plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), where volumes rose by 681% and 193% respectively. Over the same period, BYD ranked as the country’s second best-selling new energy vehicle brand, with 2,011 units sold year to date.
“The growth we have seen in our own new energy vehicle finance portfolio over recent years suggests consumer attitudes are changing. While affordability and infrastructure are still important factors, there is growing acceptance of electric mobility, and extending our cooperation with BYD allows us to continue supporting customers as the market develops,” said Charl Potgieter, Managing Executive for Absa Vehicle and Asset Finance.
The cooperation currently supports a network of 52 dealerships nationwide and targeting for 80 by end of the year as BYD expands its dealer network in South Africa. It also creates scope for Absa to support BYD’s growth ambitions beyond South Africa by exploring financial solutions and business relationships in markets where BYD is already present, as well as countries where it may seek to establish a presence.
This aligns with Absa’s Pan-African ambition and the strength of its regional platform, with the bank represented in 14 countries across the continent, including banking licences in 11 markets and representative offices in three.
“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. “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. Extending our cooperation with Absa allows us to support customers, dealers and businesses with the finance solutions needed to make new energy mobility more accessible and scalable.”
While new energy vehicles still account for a relatively small share of South Africa’s overall vehicle market, adoption has accelerated in recent years as model availability has improved, and consumers have become more familiar with the technology. BYD’s growing local presence has contributed to this trend, bringing a wider range of electric vehicle options to the South African market.
Founded in 1995 as a battery technology company, BYD sold more than 4.27 million new energy passenger vehicles globally in 2024 and has continued to expand its international footprint. In South Africa, the manufacturer now offers a range of electric vehicle models across different market segments.