Industry dynamics

BYD partners with Santander Bank in Mexico to pave way for local market entry

Publishtime:2019/08/16 Views:11

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.

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.