BYD and Absa announce partnership
The local New Energy Vehicle (NEV) landscape is shifting gears rapidly, and BYD Auto South Africa aims to capitalise on the market shift. Building on a relationship first established in 2025, BYD and Absa have officially elevated their collaboration through BYD Finance.
This strategic partnership is said to make electric vehicle ownership more accessible, flexible, and affordable for South African buyers, fleet managers, and dealerships.
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SA's EV Boom
Between January and May 2026, NEV sales in South Africa surged by 78.8% compared to the same period last year. The caveat here is that the base from which the growth is measured is, of course, low. This notwithstanding, there is a marked increase in interest within the electrified vehicle segment.
Growth breakdown:
Plug-in hybrid electric vehicles (PHEVs): Up by 681%
Battery electric vehicles (BEVs): Up by 193%
During this same five-month window, BYD became South Africa's second-best-selling NEV brand, registering 2 011 unit sales year-to-date.
"The growth we have seen in our own NEV finance portfolio suggests consumer attitudes are changing," says Charl Potgieter, Managing Executive for Absa Vehicle and Asset Finance. "While affordability and infrastructure are still important factors, there is growing acceptance of electric mobility."
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What does this mean for buyers and dealers?
BYD started in 1995 as a battery tech company before becoming a global automotive giant that sold over 4.5 million NEV passenger vehicles in 2025, half of which were fully electric and half were plug-in hybrids. The brand has been expanding within the local market over the past few years.
The expanded deal with Absa covers:
Flexible consumer vehicle finance and insurance solutions.
Wholesale finance to support stock and operations.
The partnership currently backs a network of 52 dealerships nationwide, with BYD aggressively targeting 80 dealerships by the end of 2026.
Steve Chang, Managing Director of BYD Auto South Africa, notes that the local market's development pace is highly encouraging:
"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."
Beyond South Africa
This deal opens the door for Absa to support BYD's expansion across the continent. Leveraging Absa’s Pan-African footprint—with banking licenses in 11 markets and a presence in 14 countries—the plan is expansion.
