en.Wedoany.com Reported - South African banking group Absa and Chinese automaker BYD South Africa recently announced a further expansion of their strategic partnership established in 2025.

This deepened collaboration aims to support BYD's expanding dealer network and customer base in South Africa by providing financing and banking solutions, accelerating the adoption of electric mobility. Under the agreement, Absa will continue to offer wholesale financing to BYD dealers and provide vehicle financing, insurance products, and other value-added financial services to end customers.

This partnership comes at a time of rising demand for new energy vehicles (NEVs) in South Africa. According to Absa data, NEV sales in South Africa grew by 78.8% year-on-year from January to May 2026. Among these, plug-in hybrid electric vehicle (PHEV) sales surged by 681%, while battery electric vehicle (BEV) sales increased by 193%. During the same period, BYD sold 2,011 vehicles in South Africa, making it the country's second best-selling NEV brand.

Charl Potgieter, Executive General Manager of Vehicle and Asset Finance at Absa, stated that the growth of the bank's NEV financing portfolio reflects a shift in consumer attitudes. He noted that while affordability and charging infrastructure remain important factors, acceptance of electric mobility is steadily increasing. Expanding the partnership with BYD will help better serve customers as the market develops.

Currently, the collaboration supports 52 dealers across South Africa. As BYD expands its retail network, both parties plan to increase the number of dealerships to 80 by the end of 2026. Additionally, this partnership creates opportunities for Absa to provide financial solutions in other African markets where BYD operates or plans to expand, thereby supporting the bank's broader pan-African strategy. Absa operates in 14 African countries, holding banking licenses in 11 of those markets.

Steve Chang, General Manager of BYD South Africa, stated that South Africa is an important market for BYD, and the rapid growth of the local NEV industry is encouraging. He emphasized that this partnership is not just about selling vehicles, but about building an ecosystem, making electric mobility more accessible by providing the necessary financing for customers, dealers, and businesses.

Although NEVs still account for a small share of South Africa's automotive market, their adoption is accelerating as more models become available and consumer confidence grows. Founded in 1995 as a battery technology company, BYD sold over 4.27 million new energy passenger vehicles globally in 2024 and is currently expanding its operations in South Africa with a growing lineup of electric models.