BNP Paribas Personal Finance and Arval UK support OMODA & JAECOO entrance in the UK market
03 July 2024
Two automotive brands, OMODA & JAECOO, will enter the UK market following their parent company, Chery International signing a financial services partnership with BNP Paribas Personal Finance UK and Arval UK.
The strategic partnership was secured following a competitive tender process, to provide OMODA & JAECOO UK dealers and customers with a full range of flexible finance solutions to open more choice for UK consumers.
Chery International is the largest automotive exporter in China, and collectively JAECOO and OMODA are one of the fastest growing automotive brands in the world.
The collaboration will support OMODA & JAECOO’s further expansion into Europe, launching in the UK automotive market, with both internal combustion engines (ICEs) and electric vehicles (EVs).
Within a one bank solution drawing on BNP Paribas’ combined expertise and capabilities, BNP Paribas Personal Finance UK will provide consumer finance, and Arval UK will offer fleet and contract management services. BNP Paribas has developed strong relationships with original equipment manufacturers (OEMs) across the world and the development of this partnership in the UK supports its strategy of supporting OEMs across multiple markets.
Initially, OMODA will launch two car models, the 5 and E5, which will be available for purchase from July 2024 at 62 retailers across the UK — before JAECOO releases its first model later this year.
Stephen Hunt, CEO of BNP Paribas Personal Finance UK, said: “We have built a business that is focused on building strong partnerships and it is an exciting time as we push further into the UK automotive market. I am confident that we will bring the same level of innovation and service as we have brought to the retail sector and our 4 million UK consumers.
“With this expansion of our motor finance solutions into the new car sales segment, this partnership with a fast-growing OEM is the first of its kind for the UK and forms part of BNP Paribas Personal Finance’s wider ambitions to further establish itself as a leading provider of finance solutions in the automotive market in the UK and across all major European markets.”
Globally, Arval is a major actor in full-service vehicle leasing and a specialist in mobility solutions, leasing more than 1.7 million vehicles as at the end of December 2023. Within the UK, it leases more than 194,000 vehicles of which almost 48,000 are electric.
Lakshmi Moorthy, Managing Director of Arval UK, said: “We’re delighted to have been chosen as the partner for OMODA and JAECOO UK, to provide contract hire for their customers and support their dealer network. These are two exciting new brands and we look forward to assisting their growth in the UK. It is further evidence of the appeal of the combined capabilities of BNP Paribas Personal Finance and Arval in providing the full range of products to support manufacturers in the UK and across Europe.”
Victor Zhang, Executive Vice President at OMODA & JAECOO UK, said: “We have big ambitions for Europe and have worked hard to try to bring the best products. However, we know that in the oldest automotive market in the world, we need to have the best partners to offer our customers the best experience throughout their journey with us.
“We’re delighted to be working with BNP Paribas in the UK. This is an exciting partnership with a very experienced company and experts in their field. Together we can develop what we feel will be not only a very competitive offering but something special for a newcomer to this competitive market.”
Learn more about motor finance solutions or to get in touch with one of BNP Paribas Personal Finance UK’s account managers here: https://www.bnpparibas-pf.co.uk/our-solutions/motor-finance/.
