Santander, BYD Boost Mexico’s EVs Accessibility
Santander Mexico and electric car maker BYD just announced a strategic alliance to boost Mexico’s electromobility capacity through the financing of the automaker’s vehicles. Both companies seek to provide state-of-the-art, environmentally friendly vehicles through special financing options.
"Our strategic cooperation with Santander aims to provide local consumers with first-class auto financing services and solutions, and reduce financial risks for dealers and customers, promoting the transformation to green mobility," says Zhou Zou, CEO, BYD Mexico.
Santander will offer financial plans for up to 72 months for BYD vehicles with a 10% down payment. BYD will also offer dealerships a broad portfolio of financial tools, such as inventory financing, risk management, market guidance, used vehicles and after-market parts, reads Santander Mexico’s press release.
With this partnership, BYD will lay the foundation for its expansion in the Mexican passenger vehicle market, promoting sustainable mobility in the region. Santander will be the home financier chosen by the automaker throughout Mexico.
This program aims to finance over 2,000 units in 2023, and more than 8,000 units in 2024, says Julio Ascorve, Executive Director of Automotive Financing, Santander Mexico. This agreement will also contribute to the decarbonization of mobility in the country, he adds.
"At Santander we continue to seek new partnerships to make it easier for our customers to purchase vehicles. On this occasion we are pleased to go hand in hand with BYD and collaborate in getting at least one out of every two BYD cars to customers via Santander Super Auto financing,” says Ascorve.
BYD aims to leverage its market-leading core technologies to enrich its product portfolio for Mexican customers and establish a regional focus on services systems to enhance its client’s electromobility experience. Meanwhile, Santander aims to become the second automotive financer in the G7 by 2023. The bank now ranks third and aims to increase its presence in the Mexican market, where approximately 2,000 cars with clean energy technologies are financed per month.
BBVA Méxco and SERV announced a similar collaboration at the beginning of February. Through this alliance, both companies aim to increase access to the most popular hybrid and EVs, while seeking to expand Mexico’s electromobility market. “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, as reported by MBN.