Banco Santander México has sealed an alliance with the electric vehicle manufacturer BYD, focused on financing the firm’s automobiles in the Mexican market.
With this alliance with the Mexican subsidiary of Banco Santander, BYD cements its expansion in the Aztec market, and for its part, Banco Santander México becomes the financial company of the automobile company throughout the Mexican territory. This cooperation represents a new step in the advancement of BYD’s presence in the Latin American market.
Banco Santander and BYD will thus promote access to electric vehicles for clients and non-customers of the entity, both individuals and companies, with offers also for students accompanied by a co-owner.
BYD will offer local dealers a suite of solutions encompassing inventory financing, risk management, market guidance, both for new car purchases and demo cars, used cars, and parts.
In the words of Zhou Zou, CEO of BYD Mexico, “Our strategic cooperation with Santander aims to provide local consumers with first-class auto financing services and solutions, and reduce the financial risks of dealers and customers, promoting the transformation towards green mobility.
Julio Ascorve Zermeño, Executive Director of Automotive Financing at Santander México, has indicated that “at Santander we continue to seek new partnerships to make it easier for our clients to acquire vehicles. On this occasion we are pleased to go hand in hand with BYD and collaborate so that at least one of every two BYD cars reach customers via Super Auto Santander financing. During the first year we have the objective of exceeding 2 thousand units financed and for the second year above 8 thousand units. By financing these vehicles, we contribute to reducing polluting emissions, which gives us significant competitiveness in line with Santander’s values of sustainability and commitment to the environment.”
BYD sold more than 1.86 million vehicles worldwide in 2022, which implies an increase in the interannual rate of 155.1%.
Banco Santander, chaired by Ana Botín, is in third place in the car financing market within the G7 group of countries, and expects to reach second position throughout this year.
Today, around 2,000 cars a month are financed with clean technologies in the Mexican market. Through the alliance with BYD, Banco Santander intends to be present in at least 20% of the operations in this segment.