Absa has entered into a vehicle finance alliance agreement with BAIC SA, the local subsidiary of the Beijing Automotive Group Co., as the vehicle manufacturing firm expands its operations in the region.
BAIC SA launched in South Africa in 2016 and has made significant structural investments in our country, including a state-of-the-art manufacturing and assembly plant in the Coega Industrial Development Zone, near Gqeberha. At the time of the investment, this represented the biggest foreign direct investment by an automotive company in South Africa in over 40 years, expected to create as many as 13 000 direct and indirect jobs.
For Absa, the alliance represents an opportunity to boost our share of financed vehicles sold in the country as the popularity of affordable luxury brands continues to grow among South Africans. BAIC’s luxury category Beijing X55, launched locally on 15 November 2022, is a finalist in the South African Guild of Mobility Journalists’ 2023 ‘SA…
