Absa Deepens BYD Alliance as South Africa’s Electric Vehicle Market Surges

South Africa’s transition to new energy vehicles (NEVs) is gathering momentum, prompting Absa and BYD Auto South Africa to expand their strategic partnership first established in 2025.

The enhanced collaboration reinforces both companies’ commitment to accelerating electric mobility by providing financing and banking solutions that support BYD’s growing dealer network and customer base. Absa will continue offering wholesale finance for dealerships, vehicle finance for customers, insurance products, and other value-added financial services.

The partnership comes as demand for NEVs continues to climb. According to Absa, South African NEV sales grew by 78.8% between January and May 2026 compared with the same period last year. Plug-in hybrid electric vehicle (PHEV) sales surged by 681%, while battery electric vehicle (BEV) sales increased by 193%. During the same period, BYD became the country’s second best-selling NEV brand, selling 2,011 vehicles.

“The growth we have seen in our new energy vehicle finance portfolio suggests consumer attitudes are changing,” said Charl Potgieter, Managing Executive for Absa Vehicle and Asset Finance. “While affordability and charging infrastructure remain important, acceptance of electric mobility continues to grow. Extending our cooperation with BYD enables us to better support customers as the market evolves.”

The partnership currently supports 52 dealerships across South Africa, with plans to expand to 80 by the end of 2026 as BYD grows its retail footprint. It also opens opportunities for Absa to provide financial solutions in other African markets where BYD operates or plans to expand, supporting the bank’s broader Pan-African strategy. Absa has operations in 14 African countries, including banking licences in 11 markets.

“South Africa is an important market for BYD, and the rapid growth of the local NEV sector is encouraging,” said Steve Chang, Managing Director of BYD Auto South Africa. “This partnership is about more than selling vehicles. It is about building the ecosystem that makes electric mobility more accessible by supporting customers, dealers and businesses with the financing they need.”

Although NEVs still represent a relatively small share of South Africa’s automotive market, adoption continues to accelerate as more models become available and consumer confidence in electric mobility grows. Founded as a battery technology company in 1995, BYD sold more than 4.27 million new energy passenger vehicles globally in 2024 and continues to expand its presence in South Africa with a growing range of electric models.