This agreement aims to pave the way for the wider adoption of green solutions in the local passenger vehicle market, as well as to achieve a shared goal between Absa and BYD: the establishment of a green vehicle finance ecosystem.

Representatives from both institutions and media partners gathered at the BYD offices in Woodmead, Sandton, for the signing ceremony cementing this new partnership, surrounded by a selection of BYD’s cutting-edge electric vehicles.

“As a leader in vehicle finance, we recognise the growing demand for energy-efficient mobility solutions. We are proud to support BYD in bringing world-class NEV technology to our market, and we welcome the opportunity to grow our sustainable linked financing activities,” says Charl Potgieter, Managing Executive for Absa Vehicle and Asset Finance.

The partnership, he explained, was driven by Absa’s goal of green energy transformation, in alignment with the bank’s 2050 carbon neutrality goals.

According to the cooperation agreement signed at the ceremony, Absa will provide full-service banking and financial solutions with full market competitiveness to BYD Dealers and Customers through its range of offerings, including but not limited to, OEM and Dealer wholesale finance facilities, end-user finance to customers, insurance and value-added products and services.

"In financing these vehicles, we are highlighting our commitment to innovation and our belief in a sustainable future. BYD's reputation as the only fully electric vehicle manufacturer operating in South Africa, coupled with its global stature, aligns with our vision to support more efficient and eco-friendly automotive solutions," says Fulufhelo Mandane, Executive for Business Development – and strategic partnerships at Absa.

In the last three years, the bank’s new-energy vehicle finance portfolio, made up of hybrid and electric vehicles, has experienced considerable expansion, albeit off a low base. This indicates a positive turn in consumer sentiment towards eco-friendly mobility, the growth of which has previously been held back by concerns around affordability and supportive infrastructure.

“This partnership is built on three core values: Firstly, affordability – we’re introducing EV and PHEV models at a much more affordable price tag combined with Absa’s tailored financing packages,” says Steve Chang, General Manager at BYD South Africa.

“Secondly, accessibility. We’re making solutions available to more customers through Absa’s wide-reaching branch network and digital platforms and BYD’s expanding national footprint. Finally, sustainability with purpose – every car financed under this partnership is a step toward reducing carbon emissions, protecting our planet and stimulating green economic activity.

• According to naamsa | the Automotive Business Council, South Africa doubled its new-energy vehicle (NEV) sales in 2024, year on year. In the first quarter of 2025, NEV sales continued to grow, increasing by 14% compared to Q1 2024.