BAIC SA has invested heavily in a state-of-the-art manufacturing and assembly plant in the Coega Industrial Development Zone near Gqeberha. Its BEIJING X55 vehicle is a finalist in the 2023 SA Car of the Year contest, and for the 29 dealers across the country, this is good news, as it will certainly boost sales. For Absa, the alliance represents an opportunity to boost its share of financed vehicles sold in the country as the popularity of affordable luxury brands continues to grow among South Africans. “We are honoured to partner with an automotive player that has invested in the growth of our continent, aligned with our values as a purpose-led pan-African bank. We look forward to leveraging off each other’s strengths to drive greater competition in the market and deliver better value for our customers,” said Charl Potgieter, the managing executive of Absa’s vehicle and asset financing department. “There is an increase in the sale of China’s automotive brands in our market, and this is also the case with BAIC-manufactured vehicles, as it prepares to take on competitors locally,” Potgieter added. “The South African consumer has come to appreciate the growing trend in affordable luxury branded vehicles and expects more ‘bang for their buck’ when buying a new or used vehicle during these tough economic times. This alliance answers the call from the South African consumer on many levels.”