July 25, 2024
News

Arval UK spearheads OMODA & JAECOO’s entry into the UK market

Two automotive brands, OMODA and JAECOO, are poised to enter the UK market after their parent company, Chery International, forged a financial services partnership with BNP Paribas Personal Finance UK and Arval UK.

The collaboration will offer a range of flexible finance solutions to OMODA & JAECOO UK dealers and customers, expanding options for UK consumers.

Chery International, the biggest automotive exporter in China, is spearheading the expansion of OMODA and JAECOO, two of the fastest-growing automotive brands worldwide. This partnership will support their further foray into Europe, starting in the UK with both internal combustion engine (ICE) and electric vehicles (EV).

BNP Paribas Personal Finance UK will offer consumer finance, while Arval UK will provide fleet and contract management services under a one-bank solution. This partnership aligns with BNP Paribas’ strategy to assist original equipment manufacturers (OEMs) in various markets.

OMODA will debut two models, the 5 and E5, at 62 retailers across the UK starting in July 2024, with JAECOO planning to launch its first model later this year.

Stephen Hunt, CEO of BNP Paribas Personal Finance UK, expressed confidence in the expansion into the UK automotive market, emphasizing the level of innovation and service they aim to bring to consumers, building on their success in the retail sector.

Hunt added that the partnership with a rapidly growing OEM marks BNP Paribas’ ambition to establish itself as a leading finance solutions provider in the automotive market across Europe.

Arval, a key player in full-service vehicle leasing and mobility solutions globally, currently leases over 1.7 million vehicles, including nearly 48,000 EVs in the UK.

Lakshmi Moorthy, Managing Director of Arval UK, expressed excitement about supporting the growth of these new brands in the UK, highlighting the combined capabilities of BNP Paribas Personal Finance and Arval in assisting manufacturers across Europe.

Victor Zhang, Executive Vice President at OMODA & JAECOO UK, emphasized the importance of partnering with the best to offer customers a top-notch experience in the UK automotive market, expressing delight in working with BNP Paribas UK to develop a competitive offering as newcomers.


Leave a Reply

Your email address will not be published. Required fields are marked *