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Santander partners with BYD to offer electric car financing

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Santander’s Brazilian subsidiary made an agreement with automaker BYD, known for its electric vehicles, and will finance the Chinese group’s cars and dealerships. BYD’s goal is to sell 10,000 units in 2023 and 20,000 in 2024. In the future, Santander and BYD may enter into a joint venture to create an automaker bank itself, as the institution already has with Renault, Peugeot, and Hyundai.With this initiative, all the stages of financing the car - from analysis to credit approval, including payment plan options - will be carried out in Santander Financiamentos’ 100% digital network. The bank will also meet the needs of the BYD dealership network through "floor plan," a revolving credit line with attractive conditions for the acquisition of vehicles."We chose a financial institution with significant participation, great market experience, and solid partnership with the main automakers in the country," said Henrique Antunes, BYD’s chief sales officer in Brazil.According to André Novaes, head of Santander Financiamentos, consumers will have access to Santander’s special conditions for the acquisition of electric models, as well as additional advantages, such as the possibility of contracting insurance by diluting the value in the installments of the contract.In addition to the cars, the brand’s dealerships will offer a complete solution for the generation of clean energy by photovoltaic modules made by BYD itself, which can also be financed by Santander."We want to position ourselves very well in this world of electric cars. It still has a higher value, but if you do the math, over the years, with the savings in maintenance and fuel, it ends up having a more favorable dynamic. And the customer profile is one that also has a more sustainable behavior in relation to credit itself, so the default rate ends up being even lower," said Mr. Novaes.He says that electric cars still represent less than 1% of the bank’s automotive...

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