BYD Finance launch signals new phase for electric mobility in SA

Unveiled on 9 July, the finance venture combines BYD's global leadership in electric vehicle technology with Absa's banking and vehicle finance expertise. The aim is to make ownership of electric and plug-in hybrid vehicles more attainable through a range of tailored financing solutions and incentives.

Addressing guests at the launch, BYD South Africa Managing Director Steve Chang said the initiative represented a major milestone in the company's local growth strategy.

"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."

Steve said the launch reflected BYD's belief that the future of electric mobility depends not only on vehicle technology but also on the financial and support structures that enable consumers to make the switch.

"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.

BYD entered South Africa in 2023 despite widespread concerns about the country's electricity supply constraints and uncertainty surrounding electric vehicle adoption. Steve noted that similar doubts and challenges existed during the early growth of the new energy vehicle market in China.

He said South Africa possesses many of the ingredients needed to become a major player in the transition to cleaner transport, including a strong dealer network, corporate fleets and an increasingly innovation-focused market.

"For BYD, South Africa is not a once-off launch market. We are building towards long-term growth, dealer network expansion and a broader African opportunity," he said.

A key theme of Steve's address was that the debate around electric vehicles has evolved. While consumers once questioned the technology itself, he argued that the focus has now shifted to ownership and accessibility.

"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.

He described the new finance offering as a package built around flexibility and customer choice. Features include preferential finance rates, guaranteed future value options, deferred payment structures and cashback incentives aimed at lowering the barriers to entry for new energy vehicle buyers.

"BYD Finance is designed around choice. It brings together offers that speak to affordability, flexibility, confidence and long-term ownership," he said.

Absa's Managing Executive for Vehicle and Asset Finance, Charl Potgieter, said the partnership demonstrates confidence in both the future of electric mobility and the South African automotive 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," Charl told attendees.

He highlighted the rapid growth of the local new energy vehicle sector. Between January and May this year, sales of new energy vehicles increased by 79% compared with the same period in 2025. Battery electric vehicle sales grew by 200%, while plug-in hybrid sales surged by 680%.

"These numbers point to a market beginning to move and to consumers who are increasingly ready for what comes next," Charl said.

According to him, the relationship between the two companies has evolved considerably since initial discussions began in 2022.

"When BYD and Absa first engaged in 2022, we saw the opportunity for something better than a traditional manufacturer and financier relationship. We saw a strategic collaboration that could help build the future of electric mobility in South Africa."

Today, Absa supports more than 50 BYD dealerships nationally and intends to deepen that support as the manufacturer's footprint grows.

The launch package includes a Prime Minus One interest rate offers for the first 1 000 customers who purchase and finance a BYD vehicle, flexible repayment structures, guaranteed future value products and a 20% insurance discount. Absa is also developing a customer rewards proposition that will integrate mobility, banking and lifestyle benefits.

Charl said the partnership extends beyond vehicle sales and financing to support the wider electric mobility ecosystem, including dealers, suppliers and consumers.

"Together, we are not simply financing vehicles. We are helping shape a more connected, more sustainable and more innovative mobility future for South Africa."

As competition intensifies in South Africa's new energy vehicle market, both BYD and Absa are betting that accessible financing will play a critical role in accelerating adoption. The launch of BYD Finance suggests that the next phase of the country's electric mobility journey may be driven as much by innovative financial solutions as by advances in vehicle technology.