Shulou(Shulou.com)11/24 Report--

CTOnews.com February 14 news, BYD Automobile announced that BYD Mexico branch and multinational banking group Santander (Santander) formally reached a strategic cooperation in auto finance. This cooperation will lay the foundation for BYD to officially enter the Mexican passenger car market.

Through this strategic cooperation, BYD will provide local dealers with a full range of auto finance solutions, including auto inventory financing, risk regulation and control, and market profitability and operational guidance. In addition, BYD will work with Santander Bank to provide Mexican end consumers with more favorable and convenient financial services for new energy car purchases, such as down payment as low as 10%, installment payment for up to 72 months and exemption from car loan application fees.

In December, BYD called the Yuan PLUS (or BYD ATTO 3) its first model for the global market, and has shown BYD Han and Tang new energy models for the first time in Mexico, which are expected to be launched in Mexico in 2023. CTOnews.com learned that BYD also announced a partnership with eight Mexican dealers, Grupo Continental, Grupo Cleber, Grupo Dalton, Grupo Excelencia, Grupo Farrera, Grupo Fame, Liverpool and Grupo del Rincón, aimed at providing local consumers with new energy vehicle sales and after-sales service.

BYD executives have previously said they hope to sell 10,000 vehicles in Mexico by 2023 and 20,000 to 30,000 by 2024, adding that the company's long-term goal is to reach about 10 percent of the total market share.

In 2022, BYD's cumulative global sales volume of passenger cars exceeded 1.86 million vehicles, with a year-on-year growth of 155.1%. BYD actively explores overseas markets, and this cooperation is a new beginning for BYD to further explore the Latin American market.

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