Absa and electric vehicle pioneer BYD have teamed up to accelerate the adoption of sustainable transport solutions in South Africa, offering innovative financing options to drive growth in the new-energy vehicle (NEV) market.
This strategic partnership aims to establish a robust green vehicle finance ecosystem, bringing together Absa's financial expertise and BYD's leadership in electric vehicle technology.
The agreement was formalised at a signing ceremony hosted at BYD's Woodmead offices in Sandton, where representatives from both organisations and media partners gathered amidst a display of BYD's latest electric models.
'As a leader in vehicle finance, we recognise the growing demand for energy-efficient mobility. We are proud to support BYD in delivering world-class NEV technology locally, while expanding our sustainable finance offerings,' said Charl Potgieter, Managing Executive for Absa Vehicle and Asset Finance.
Absa's commitment to sustainability aligns with its carbon neutrality goals for 2050. Under the cooperation agreement, Absa will deliver comprehensive banking and financial solutions to BYD dealers and customers. This includes wholesale dealer finance, customer vehicle finance, insurance, and value-added products and services.
"In financing these vehicles, we highlight our commitment to innovation and our belief in a sustainable future. BYD's unique position as South Africa's only fully electric vehicle manufacturer supports our shared vision for greener mobility," said Fulufhelo Mandane, Executive for Business Development and Strategic Partnerships at Absa.
Steve Chang, General Manager at BYD South Africa, noted that the partnership focuses on three key principles: 'Affordability ' with EV and PHEV models priced more accessibly alongside Absa's tailored finance options. Accessibility ' through Absa's extensive branch network, digital platforms, and BYD's growing national presence. And lastly, purposeful sustainability ' every vehicle financed under this initiative helps lower emissions and stimulate the green economy.'
The collaboration comes as the NEV market gains momentum. According to naamsa | the Automotive Business Council, South Africa doubled its NEV sales in 2024. The upward trend continued in early 2025, with Q1 sales increasing 14% year-on-year.
