BYD has announced its strategic auto finance partnership with Santander Bank, a multinational banking group, in Mexico. This partnership will provide a solid foundation for BYD to enter the Mexican passenger car market, where Santander Bank is a leader in auto finance.
The partnership includes a full range of auto finance solutions that BYD will provide to local dealers in Mexico, including vehicle inventory financing, risk monitoring and control, and market profitability and operational guidance.
Moreover, the partnership will offer financial services to Mexican consumers for NEV purchases, including low down payments of 10%, installment payments of up to 72 months, and waiver of application fees for vehicle purchase loans.
See also: BYD officially launching in Mexico next year, targeting sales of 30,000 electric vehicles by 2024
Zou Zhou, the country manager of BYD Mexico, stated that the strategic cooperation with Santander Bank will provide local consumers with auto finance products and solutions to reduce the financial risk of car purchases for both dealers and consumers.
Last November, Zou reported that BYD will sell all-electric versions of its Tang SUV and Han sedan through seven dealers in Mexico in 2023. BYD hopes to sell 10,000 vehicles in Mexico in 2023 and increase to 20,000 to 30,000 in 2024. The long-term goal of BYD is to reach about 10% of its total market share.
Although Zou did not provide details about the starting price of BYD vehicles in Mexico, he emphasized the company’s affordability. He also mentioned that BYD aims to sell cars through 15 franchised dealers in Mexico by the end of 2023 and increase to 40 by 2024. Mexican department store chain, Liverpool, will also sell BYD cars.
See also: VEMO adds 1,000 BYD D1 to its electric taxi fleet in Mexico
It is worth noting that Santander Bank had a previous partnership with BYD. On October 19, 2022, BYD announced that it had entered into a strategic partnership with Santander Bank in Brazil to provide automotive financial services to local consumers.
