BYD will sell all-electric versions of its Tang SUV and Han sedan through seven dealers in Mexico in 2023, an executive said last year.
(Image credit: BYD)
BYD (OTCMKTS: BYDDY) has entered into a partnership with a multinational banking group in Mexico to prepare for its official entry into the American country.
BYD Mexico and Santander Bank entered into a strategic auto finance partnership, the new energy vehicle (NEV) giant announced yesterday.
Santander Bank is a leader in auto finance in the Mexican market, and the partnership will provide a solid foundation for BYD to officially enter the local passenger car market, BYD said.
With the partnership, BYD will provide local dealers in Mexico with a full range of auto finance solutions, including vehicle inventory financing, risk monitoring and control, and market profitability and operational guidance.
BYD and Santander Bank will also provide financial services to Mexican consumers for NEV purchases, including down payments as low as 10 percent, installment payments of up to 72 months and waiver of application fees for vehicle purchase loans.
The strategic cooperation with Santander Bank will provide local consumers with auto finance product services and solutions to reduce the financial risk of car purchase for dealers and consumers, said Zou Zhou, country manager of BYD Mexico.
Last November 29, Reuters quoted Zou as reporting that BYD will sell all-electric versions of its Tang SUV and Han sedan through seven dealers in Mexico in 2023.
BYD hopes to sell 10,000 vehicles in Mexico in 2023 and reach 20,000 to 30,000 in 2024, Zou said at the time, adding that the company's long-term goal is to reach about 10 percent of its total market share.
Zou gave no details about the starting price of BYD vehicles in Mexico, but emphasized the company's affordability.
Zou also said at the time that BYD aims to sell cars through 15 franchised dealers in Mexico by the end of 2023, and increase to 40 by 2024.
Mexican department store chain Liverpool will also sell the cars, he said.
It is worth noting that Santander Bank has previously had a partnership with BYD.
On October 19, 2022, BYD announced that it had entered into a strategic partnership with Santander Bank in Brazil in order to provide automotive financial services to local consumers.
With the service, Brazilian consumers can enjoy digital auto finance solutions when purchasing BYD vehicles, including credit assessment, credit review and payment options, according to a BYD press release at the time.