BBVA's Credits for EVs, Machine Learning, Ocean Ecosystems
By Alejandro Enríquez | Journalist and Industry Analyst -
Thu, 04/29/2021 - 17:38
Headlines this week show how heavily the industry is relying on innovation and sustainability. Domestic market trends show BBVA, one of Mexico's largest banks, offering credits for EVs at special rates. Meanwhile, Mexican unicorn Kavak details the machine learning approach it took alongside Amazon Web Services (AWS). On top of that, Volvo Cars Mexico is planning to introduce a Netflix-style subscription: Volvo on Demand.
Regarding sustainability, AMIA and the Mexico City government are joining forces to reduce vehicle pollution through more environmentally-friendly vehicles. In the international arena, Hyundai announced an unprecedented partnership with an NGO dedicated to preserving marine ecosystems.
Also, do not miss our analysis piece on the importance of semiconductors for vehicles and how vulnerable North America appears to be in this regard. As part of our featured interviews, we introduce the Commercial Director of Volvo Buses Mexico, Moshe Winer.
Ready? This is the week in automotive!
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. For that reason, BBVA México announced that it plans to offer customers a preferential rate for the purchase of hybrid and EVs in the country. This would represent an 8.50 percent interest rate for new vehicles and 11.50 percent for used vehicles, both exempt from consumption taxes.
Kavak Uses AWS to Power Innovative Machine Learning Applications
AWS and Kavak, the first Mexican unicorn, implement 'High Gear' Machine Learning (ML) and a serverless architecture. “We use machine learning in many parts of our business including pricing, recommendations, credit scoring and process automation. For example, one model estimates the probability that each auto part will need to be replaced, taking into account the car’s age, mileage, brand and other factors,” says Anders Christiansen, VP of Data Science at Kavak.
Volvo Cars to Launch Vehicle-Subscription Plans
Volvo Cars has focused strongly on mobility and recently announced its ambitious plan to launch an online subscription platform so customers can choose a Volvo on-demand, reports Dinero en Imagen. The plan includes renting the vehicle for a day, a week or for a special occasion "Netflix style." The company already operates this model in other countries and it could soon arrive to Mexico.
ANALYSIS: Semiconductor Shortages, North American Vulnerabilities
As automakers speed up toward a connected, autonomous, shared and electric (CASE) mobility, semiconductors have become essential. A single alteration in their supply can have a massive impact on the entire sector. The cost contribution of automotive electronics in 2007 was around 20 percent. In 2017, they contributed 45 percent of the total price of the car. Do not miss the details!
Volvo Buses Ready for Long-Term Effects of Pandemic
Commercial Director of Volvo Buses, Moshe Winer, details the company's plans to develop environmental standards and the influence of USMCA in its operations, as well as Volvo’s plans regarding mobility and public transportation.
Mexico City, AMIA Join Forces to Reduce Vehicle Pollution
Automobility accounts for 25 percent of Mexico City’s total emissions, explains Greenpeace, but the local government wants to address this problem in collaboration with the Mexican Automotive Industry Association (AMIA). Both institutions aim to create several mobility projects that allow the reconfiguration of the city. The goal? That the vehicles that transit Mexico City pollute less.
Hyundai to Support Ocean Conservation
Hyundai Motor is partnering with Healthy Seas, an ocean conservation organization, to tackle ocean pollution and nurture sustainable marine ecosystems while supporting a circular economy. The South Korean company continues to bet strongly toward the cleaner mobility of the future.
2Q21 More Challenging Than 1Q21 Due to Chip Shortages
Chip shortages continue to disrupt the automotive industry and large auto groups warn of the potential impact the shortage could have during 2Q21. Alterations in semiconductor production are expected to last until 2022, according to IHS Markit, affecting not only automakers but also dealerships. Mexico, home to 12 OEM manufacturing plants, is not exempt.
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