BBVA México, SEV Boost EV Financing

BBVA México and SEV, a Mexican subsidiary of Solarever, just announced a collaboration to boost sustainable mobility in the country through a differentiated financing solution for the most demanded hybrid and EVs available in the market.

The agreement seeks to democratize the access of hybrid and electric cars while also helping automakers expand Mexico’s electromobility market, reads the press release. “Of the total number of cars financed in the market, by financing companies and banks, only 1% corresponds to the purchase of hybrid or electric cars due to the belief that these are much more expensive than a combustion car. We are sure that now with SEV this stigma will disappear,” says Victor Rojas, Director Automotive Banking, BBVA México.

Rojas highlights that this alliance offers integral solutions to clients of both companies as it covers credit, leasing, floor plans and insurance plans. He adds that the companies offer the best possible rate and an accessible down payment, which can be as low as 5%.

Solarever also plans to invest US$53.86 million in the construction of a new industrial plant in Mexico, which will create 3,000 new jobs in a four year period, says Simón Zhao, CEO, Solarever. The company has a vision of a “totally electric and totally clean world.” While it already made significant investments in Mexico, SEV still has ambitious plans for the country, as it seeks to bring “technology and innovation to develop the great young talent the country has.”

"Our company SEV is 100% Mexican and was born as the mobility answer for the Mexican market. SEV, the youngest subsidiary of Solarever Group, will be the brand that will launch the electric for all, proving to Mexican consumers that energy autonomy in homes and cars can be achieved from 2023,” says Zhao.

To launch this financial solution, it is critical to have the support of a banking institution such as BBVA México, says Juan Manuel Cerdeira, Director Mexico and Latin America, SEV. The collaboration “opens up an opportunity to access automotive credits that will allow more Mexicans to benefit from more and better technology now applicable to mobility through our vehicles,” says Cerdeira.

Solarever aims to play a critical role in developing Mexico as a PV solar technology manufacturing powerhouse, producing not only for the local market but also to export to the US, Canada and  other parts of the world, Zhao tells MBN. “Another of our goals is to breed innovation in Mexico. The country currently does not have a strong base to develop renewable energy technologies. We should not need to reach out to other countries for technology; we should have a technological hub in Mexico,” says Zhao.