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.”
