Shanghai (ZXZC)- BYD recently formed a strategic partnership with Santander Bank (“Santander”), a multinational banking group, laying the cornerstone for BYD’s expansion into the Mexican passenger vehicle market, according to a post on BYD’s WeChat account.

The latest move marks a new step in strengthening BYD’s presence in the Latin American market.

Photo credit: BYD

Through the new strategic collaboration, BYD will provide local consumers with a full set of auto financing solutions, such as automobile inventory financing, risk-based regulation and control, as well as the guidance on market profitability and operation.

Moreover, BYD will team up with Santander to provide more favorable and convenient financial services for Mexican consumers in the new energy vehicle (NEV) purchase, such as offering a down payment as low as 10%, installment payments for up to 72 months, in addition to the plans with 0% commission for opening.

“Our strategic cooperation with Santander aims to provide local consumers with first-class auto finance services and solutions, and reduce the financial risks for dealers and customers, promoting the transformation to green mobility,” commented by Zou Zhou, Country Manager of BYD Mexico.

BYD is well on its way to exploring global markets. Last year, it sold over 1.86 million passenger vehicles worldwide, representing a 155.1% year-on-year surge.