BYD, which officially entered the Brazilian passenger car market last December, expects to have a presence in 45 cities in the country by the end of this year.
(Image credit: BYD)
BYD today announced that it has entered into a strategic partnership with Santander Bank in Brazil to provide automotive financing services to local consumers.
With the service, Brazilian consumers can enjoy digital auto financing solutions when purchasing BYD vehicles, including credit assessment, credit approval and payment options, according to a BYD press release.
Santander will also provide BYD dealers in Brazil with a fully digitalized revolving line of credit through the "Floor Plan" finance model, which will provide loan incentives to dealers for vehicle purchases, according to the press release.
"The Bank will make available to BYD a 100% digital platform that allows the customer's credit analysis in a few seconds. The brand's consumers will have access to Santander's differentiated conditions for the acquisition of electric models," said André de Carvalho Novaes, Director of Santander Financiamentos.
This is BYD's latest move to expand its presence in Brazil after officially entering the passenger car market there late last year.
Last December, BYD held BYD VIP DAY in São Paulo and unveiled the Tang EV, marking the company's official entry into the country's passenger car market.
In April this year, BYD announced the official launch of its flagship sedan, the Han EV, in Brazil, further expanding its footprint in Latin America and the Caribbean after the model entered Colombia, Uruguay, Bahamas, Dominican Republic and Costa Rica.
With the launch of the Han EV in Brazil, BYD will further increase its visibility in the local passenger car market, it said at the time, adding that prominent local car dealers including Eurobike, Saga, Servopa, IESA, Águia Branca, GNC, Parvi and Dahruj have partnered with it.
BYD, which currently has nine stores in Brazil, expects to be present in 45 cities in the country by the end of this year and to have 100 stores in place by the end of 2023.
"We believe Santander to be a financial institution with significant participation, great market experience, and solid partnership with the main automakers in the country. And we have high hopes that our partnership will help boost sales of electric vehicles," said Henrique Antunes, sales director of BYD Brazil.
(Henrique Antunes, sales director of BYD Brazil, at the signing event.)
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