BYD partners with Santander Bank to promote auto financing solutions in Brazil

People visit the BYD stand during the Paris Motor Show in Paris, France, Oct. 18, 2022. (Xinhua/Gao Jing)

The Brazil branch of Chinese automaker BYD achieved strategical partnership on auto financing with Santander Bank on Tuesday in Brazil, reported Shanghai Securities News.

Through this cooperation, consumers in Brazil will be able to enjoy comprehensive digital auto financing solutions, including credit evaluation, credit review and payment scheme when purchasing BYD cars, while experiencing more flexible and convenient financial loan services, according to BYD.

The digital platform offered by Santander Bank is capable of completing customer credit analysis within seconds, allowing BYD's consumers to enjoy customized financing services related with purchasing new energy vehicles (NEV), namely preferential car insurance policies and so on, said a representative from the bank.

Apart from auto business, BYD Brazil is committed to provide integral NEV solutions to local customers, such as offering photovoltaic module products through distributors, to whom Santander Bank is also able to provide financing services.

This partnership marks yet another movement of BYD to boost the development of local NEV industry since the company entered the Brazilian passenger car market last year. Currently, BYD has established nine stores in Brazil in the passenger car sector, the number of which is expected to reach 100 by the end of 2023. The company is planning to extend its business to 45 Brazilian cities by the end of this year.