BBVA Mexico To Offer Preferential Rates for EVs

Mexico's domestic sales of electric and plug-in hybrids have grown by 47.2 percent and 35.7 percent, respectively, according to BBVA México's Economic Studies area. This shows the interest of the Mexican population in investing for the future, as global temperatures continue to rise due to climate change. Volvo, a global leader in automotive safety, has noticed the growing preference for electric vehicles (EVs) and hopes that during 2021, these vehicles will represent 20 percent of its sales in Mexico, reports Forbes Mexico.

Despite the interest, EVs in Mexico are still very expensive, a topic that Claudia Márquez, CEO of Hyundai Mexico, addressed during MAS21. Márquez states that this is a challenge that consumers, despite their interest in the product, cannot ignore when planning to purchase an EV. For that reason, BBVA México announced that it plans to offer customers a preferential rate for the purchase of hybrid and EVs in Mexico. This would represent an 8.50 percent interest rate for new vehicles and 11.50 percent for used vehicles, both exempt from consumption taxes, BBVA México announced in a press release.

 “We are committed to boosting the automotive sector, as it has been one of the most affected sectors, especially during 2020. This is a loan that allows people to acquire a hybrid or electric vehicle at a rate lower than others in the market. With this, we hope to support all our clients who wish to buy a car with these characteristics through the 1,440 brand agencies with which we currently work,” said Alejandro Cárdenas Bortoni, General Director of Corporate and Government Banking at BBVA México, said in the press release. 

According to MBN´s Mexico Automotive Review 2019-2020, incentivizing the adoption of hybrid and EVs is a priority for the Mexican automotive industry, as well as fostering the required infrastructure to charge them and the technologies that support them. This is a priority for different manufacturers and OEMs in the country. Efforts to make EVs more accessible are good, but there need to be stronger joint efforts for these vehicles to have a stronger impact, explains Edgar Estrada, Managing Director of Volkswagen Brand Mexico. “In Mexico, efforts will always be insufficient if they are isolated. There must be joint efforts between companies, society and government. The road to electrification is rough and challenging but we are advancing by leaps and bounds, globally,” said Estrada during MAS21.