BYD and Absa have unveiled BYD Finance, a dedicated vehicle finance offering designed to make electric and new energy vehicles more affordable and accessible to South African consumers.
The launch marks a significant step in the partnership between the Chinese automotive giant and one of South Africa's largest banking groups as both companies seek to accelerate the country's transition to cleaner mobility.
The new finance initiative was launched on 9 July and brings together BYD's expertise in new energy vehicle technology with Absa's banking and vehicle finance capabilities. The product includes a range of financing options aimed at reducing barriers to electric vehicle ownership, including flexible payment structures, guaranteed future value products, preferential finance rates and other customer incentives.
Speaking at the launch, Steve Chang, Managing Director of BYD South Africa, described the occasion as a landmark moment for the company.
"Today is a milestone for BYD in South Africa. It marks the next phase of our journey, from introducing world-leading new energy vehicles to building the ecosystem that helps more South Africans access them," he said.
Chang stressed that the initiative extends beyond vehicle financing and forms part of a broader strategy to develop the infrastructure and ownership ecosystem required to support long-term growth in the electric vehicle market.
"Today, it's about more than launching a finance product. It's about taking a practical step toward making new energy mobility more accessible," he said.
The BYD executive reflected on the company's early years in China, noting that the adoption of new energy vehicles had initially faced significant challenges there as well. He suggested that South Africa could experience a similar transformation over time.
"When I first learned about BYD, I realised that in those times in China it was also very difficult. So who says South Africa cannot be the next China with new energy vehicles? Never say never," Chang said.
BYD entered the South African market in 2023, at a time when the country was grappling with severe load shedding and widespread scepticism about electric vehicle adoption. According to Chang, the company viewed the market as a long-term strategic opportunity despite those challenges.
He said BYD's ability to innovate rapidly stems from its deep expertise across batteries, vehicle manufacturing, technology platforms and energy solutions. The company has sought to address consumer concerns around EV ownership, including battery durability, reliability and resale values, through technologies such as its proprietary Blade Battery.
However, Chang argued that the industry's biggest challenge has shifted.
"The challenge is no longer only about whether the vehicles are ready. The challenge is whether the ownership ecosystem is ready. That is why this partnership matters," he said.
Under the partnership, BYD contributes vehicle technology, manufacturing capability and global expertise, while Absa provides the financial infrastructure needed to support broader market adoption.
"Together, the partnership is designed to make new energy mobility more accessible, more credible and more commercially scalable in South Africa," Chang added.
Charl Potgieter, Managing Executive for Vehicle and Asset Finance at Absa's Personal and Private Banking division, said the launch reflected growing confidence in South Africa's evolving mobility market.
"Today is more than an extension of a commercial agreement. It's a signal of confidence in South Africa's evolving mobility market and in the value of strong partnerships as that market changes," he said.
Potgieter pointed to strong growth in the country's new energy vehicle sector. Between January and May 2026, sales of new energy vehicles rose by 79% compared with the same period a year earlier. Battery electric vehicle sales increased by 200%, while plug-in hybrid vehicle sales surged by 680%.
"These numbers point to a market beginning to move and to consumers who are increasingly ready for what comes next," he said.
Absa and BYD first began discussions in 2022, with both companies identifying an opportunity to establish a relationship that extended beyond conventional vehicle financing.
"We saw a strategic collaboration that could help build the future of electric mobility in South Africa," Potgieter said.
The finance package includes launch incentives such as a Prime Minus One rate for the first 1,000 customers who purchase and finance a BYD vehicle, flexible instalment structures, a guaranteed future value product and a 20% insurance discount.
Potgieter said the partnership is ultimately about creating a more integrated mobility experience for customers while supporting the growth of dealers, suppliers and the broader automotive ecosystem.
"Together, we are not simply financing vehicles. We are helping shape a more connected, more sustainable and more innovative mobility future for South Africa," he said.
With electric vehicle sales gathering momentum and both companies committing to long-term investment in the sector, BYD Finance represents a significant bet on the future of new energy mobility in South Africa.
Staff Writer
Reporting from the front lines of the automotive industry, delivering expert analysis and the technical updates that drive the South African motor sector forward.
