Is South Africa really ready for a fully electric automotive future? All indications are that the country finally is, with the latest being Absa and BYD Auto South Africa strengthening their collaboration together.

The companies first began their collaboration last year, and then last week, built on it by announcing a strategic cooperation agreement. For users, it means streamlined access to BYDs portfolio of electric and hybrid vehicles and Absa’s dedicated financing for the brand.

One of the standout announcements was that financing would be prime minus 1 for the first 1 000 customers.

Practically speaking, that brings ownership of a BYD car much closer into the realms of feasibility for those may have been just considering taking the leap – or watching the fuel price rise, and rise, and rise yet again throughout the year, with mounting dread.

Beyond pricing, one of the concerns raised was about battery safety, to which BYD went to great lengths to reassure that their batteries were extensively tested, that their cars were designed so as to ensure passengers were protected to the utmost, and that their batteries would be fully replaced if they ever fell beyond 70% of their capacity.

Who’s in charge here?

The other concern raised was around charging and charge stations, with the company addressing that by promising that we would see fast charging – and the technology to fully charge a battery with the capability to do 600 km – in 10 minutes later this year.

 At the event, Absa explained that through the extended cooperation, Absa will continue providing 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.

‘’This 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, the automotive industry is changing at speed. Cleaner technologies, faster innovation, and changing consumer expectations are reshaping mobility globally, and South Africa is part of that shift,’’ said Charl Potgieter, Managing Executive for Absa Vehicle and Asset Finance.

Charl Potgieter

“South Africa is an important market for BYD, and the pace of development we are seeing in the local new energy vehicle sector is encouraging,” said Steve Chang, Managing Director of BYD Auto South Africa. “For BYD, this is about more than bringing world-leading vehicles to market. It is about building the ecosystem that helps more South Africans access them. Extending our cooperation with Absa allows us to support customers, dealers and businesses with the finance solutions needed to make new energy mobility more accessible and scalable,” he added.

Ready or not?

The technology is here, and certainly mature, but are South Africans ready for broader adoption?

The data seems to suggest so.

Between January and May 2026, Absa data showed that new energy vehicle sales increased by 78.8% compared with the same period last year, driven by strong growth in both plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs), where volumes rose by 681% and 193% respectively.

Over the same period, BYD ranked as the country's second best-selling new energy vehicle brand, with 2,011 units sold year to date. That is no small feat considering how fierce the competition is.

“The growth we have seen in our own new energy vehicle finance portfolio over recent years suggests consumer attitudes are changing. While affordability and infrastructure are still important factors, there is growing acceptance of electric mobility, and extending our cooperation with BYD allows us to continue supporting customers as the market develops,” said Potgieter.

Steve Chang

The times they are changing

Commenting on the alliance between the two companies, Potgieter stressed that as BYD expands, Absa will continue to support the business, its dealers, and its customers with banking solutions that are built for scale.

‘’That support is strengthened by what makes Absa distinctive. We are deeply African and internationally connected.

We understand global markets, operate across the continent and maintain relationships that help connect African businesses to global opportunities. Our representative office in Beijing, together with relationships across key commercial centers such as Shenzhen, gives us a valuable bridge between China and Africa. It positions Absa to support business, investment, and trade between two markets that are increasingly important to each other,’’ he continued.

Potgieter added that this announcement has a broader context as well, reflecting how Absa is thinking about banking -  not as separate products, but as integrated solutions built around the client.

‘’Businesses today need banking partners that understand their industries, anticipate their needs, and help them compete across retail finance, wholesale finance, insurers, fleet solutions, and joint marketing. We are holding propositions that make electric mobility more accessible, practical, and rewarding. And as BYD grows, Absa will support the broader ecosystem around it, including suppliers and dealers,’’ he promised.

This approach is important macroeconomically because he pointed out, when businesses scale, communities benefit, jobs are created, which then leads to investment follows, and economic greater prosperity.

He stressed that no less important are customers, with today’s customers being more informed, more digitally connected, and environmentally conscious than ever, which also makes opting into buying an all-electric or hybrid vehicle a choice about their lifestyle and, most importantly, about their view of the future as well. 

It seems like increasingly, if the price is right, then more drivers may just bank on the roads giving way to all electric or at the least, hybrid electric cars sooner rather than later.