Chinese new-energy vehicle and technology company BYD and financial services provider Absa have launched BYD Finance with the aim of making new-energy mobility more accessible locally.

Building on the relationship first established in 2025, Absa will continue to provide vehicle finance and broader banking solutions to support BYD’s dealer network and customers in South Africa, including wholesale finance for dealerships, vehicle finance for customers, insurance solutions and other value-added services.

During the launch on July 9, BYD Auto South Africa MD Steve Chang explained that the partnership combined BYD’s global new-energy leadership, advanced technology, product innovation and manufacturing strength with Absa’s financial expertise.

He explained that BYD Finance brought together offers that spoke to affordability, flexibility, confidence and long-term ownership.

“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.

“We are building more than the finance channel, we are building confidence in the category, we are supporting our dealers, we are opening new pathways to customers and, together with Absa, we are helping South Africa move towards a cleaner, smarter and more accessible mobility future,” he added.

“I believe this is a partnership with tremendous potential and reflects a shift in how Africa connects to global innovation and growth,” added Absa Group CEO Kenny Fihla.

He noted two trends – Africa’s growing connection with China and the transformation of mobility – that were driving the growing shift towards cleaner and smarter mobility globally.

Between January and May, Absa data shows, new-energy vehicle (NEV) sales increased by 78.8% compared with the same period last year, driven by strong growth in both plug-in hybrid electric vehicles and battery electric vehicles, where volumes rose by 681% and 193%, respectively.

Over the same period, BYD ranked as the country's second best-selling NEV brand, with 2 011 units sold in the year to date.

“Together, we are creating the conditions for more South Africans to participate in the next chapter of mobility.

“For Absa, this is not simply about financing vehicles, it is about enabling broader customer ecosystems, one that can bring together financing, insurance, rewards, charging benefits, cashback opportunities and broader banking solutions into a more seamless experience over time. That is the opportunity before us,” said Fihla.

The cooperation currently supports a network of 52 dealerships nationwide and is targeting 80 by the end of the year as BYD expands its dealer network in South Africa.

It also creates scope for Absa to support BYD’s growth ambitions beyond South Africa by exploring financial solutions and business relationships in markets where BYD is already present, as well as countries where it may seek to establish a presence.

Absa vehicle and asset finance managing executive Charl Potgieter explained during the launch that the partnership would also allow customers to benefit from exclusive finance and insurance solutions developed for BYD.

This includes launch promotions, such as offering prime rate minus one for the first 1 000 customers that buy and finance a new BYD vehicle, as well as flexible payment options, including reducing instalments as the vehicle’s value reduces over time, a guaranteed future value and a 20% discount on insurance.

He explained that Absa was also developing a rewards proposition to add value throughout the ownership experience, connecting banking, mobility and lifestyle benefits.

“This is where we believe mobility is heading – more connected, more integrated and more customer-oriented,” he said.

FAST CHARGING

Meanwhile, during a question-and-answer session, BYD South Africa marketing director Nomonde Kweyi noted BYD’s aimed to bring flash charging infrastructure to South Africa, noting that the project was ongoing.

“Flash charging is definitely coming to South Africa,” she said, adding that the company’s flash charging strategy for South Africa is aimed at removing range anxiety, infrastructure issues and accessibility issues with regard to EV adoption.

“Flash charging is the next project that we probably will be talking about in the next couple of months, and that enables the accessibility to mobility and guarantees the mobility change as well as the education,” she added, highlighting BYD’s memorandum of understanding with State-owned Eskom.

Kweyi explained that the company aimed to launch both flash charging technology and hybrid and EV models that were able to use the technology. She said BYD aimed to introduce this infrastructure across strategic locations nationally, including townships.

As previously reported in Engineering News, Eskom and BYD signed a memorandum of collaboration in September last year to support the launch of the BYD Dolphin Surf EV in South Africa.

Under the terms of the agreement, Eskom and BYD will explore ways to support South Africa's drive to decarbonise transport and position the country as a hub for EV adoption; the potential expansion of public charging infrastructure in key locations across the country; and opportunities for local skills development, participation by small, medium-sized and microenterprises and job creation in the EV ecosystem.

Future discussions may also consider renewables-powered ultrafast charging hubs; recycling and repurposing used EV batteries for energy storage and backup systems; and integrating EVs into Eskom’s demand-side management strategies to help balance electricity supply and demand.