Absa and BYD, the world’s leading electric car manufacturer, partnered to drive sustainable vehicle finance solutions as demand for new energy vehicles (NEVs) surges in South Africa.
This agreement aims to pave the way for wider adoption of green solutions in the local passenger vehicles market, as well as 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, on 25 July 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,” said 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.
– a green finance ecosystem that will allow a wider variety of South Africans to make more sustainable mobility choices.
“In financing these vehicles, we are highlighting our commitment to innovation and our belief in a sustainable future. BYD’s reputation as the only full 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,” said 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.
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 14% compared to Q1 2024.
Founded in 1995 as a developer of pioneering battery technology and having sold more than 4.27 million units of new energy passenger vehicles globally in 2024, BYD brings an offering to South Africa at price points significantly lower than what has previously been available. The BYD models boasts vehicle-to-load functionality which returns electricity to motorists, allowing them to power household devices with their vehicles.
“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,” said 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.
For Absa, Africa’s largest funder of renewables, this signing ceremony is another example of its commitment to support South Africa’s just transition to a low carbon economy.
“At Absa, our bank has continued progressing towards our 2050 net-zero carbon emissions goal. We have achieved our R100 billion sustainable financing target from a 2021 baseline, a year ahead of plan, and we continue to grow our sustainable-linked financing,” said Potgieter.
