Posted on 16 Feb 2023
BYD Mexico has partnered with Santander Bank to make the purchase of new energy vehicles more accessible in Mexico, a country in which the Chinese automaker is boosting its presence.
According to a joint statement, the companies will offer “favourable” financing solutions to Mexican customers with an offer starting at 10% down payment and financing of up to 72 months, in addition to plans with 0% opening commission. They will also offer credit to students accompanied by a co-owner, something they describe as innovative.
The aim is to finance over 2,000 NEVs in the first year of the partnership, increasing to 8,000 units in the second year, Kallanish learns.
Last November, BYD announced it would start deliveries of its flagship HAN EV sedan and the TANG EV 7-seater SUV through eight Mexican dealers in H1 2023. The BEV offerings are part of its global expansion strategy, currently focused on the Latin American and European markets.
“Our strategic cooperation with Santander aims to provide local consumers [in Mexico] with first-class auto financing services and solutions, and reduce the financial risks of dealers and consumers, promoting the transformation towards green mobility,” adds BYD Mexico ceo Zhou Zou.
The carmaker will also offer local dealers a full range of auto financing tools including inventory financing, risk management, and market guidance to meet their financing needs for new car purchases, demo cars, used cars, and parts. The aim is to establish a localised NEV sales and services system, although it’s unclear at this point if BYD would also consider investing in local manufacturing.
BYD’s passenger NEV sales surged 155.1% last year to over 1.86 million units globally. The company, currently the world’s largest NEV manufacturer, hit a new milestone with the 3 millionth NEV produced in November 2022.
Source:Kallanish
