Two automotive brands, OMODA and JAECOO, are set to 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 partnership will provide OMODA & JAECOO UK dealers and customers with a comprehensive range of flexible finance solutions, increasing options for UK consumers.
Chery International, the largest automotive exporter in China, is driving the expansion of OMODA and JAECOO, which are among the fastest-growing automotive brands globally. This collaboration will support their further expansion into Europe, launching in the UK with both internal combustion engine (ICE) and electric vehicles (EV).
Under a one-bank solution, BNP Paribas Personal Finance UK will offer consumer finance while Arval UK will provide fleet and contract management services. This partnership aligns with BNP Paribas’ strategy to support original equipment manufacturers (OEMs) across multiple markets.
OMODA will initially launch two models, the 5 and E5, available from July 2024 at 62 retailers across the UK, with JAECOO releasing its first model later this year.
Stephen Hunt, CEO of BNP Paribas Personal Finance UK, said: “We have built a business focused on strong partnerships, and it is an exciting time as we expand further into the UK automotive market. I am confident we will bring the same level of innovation and service as we have brought to the retail sector and our 4 million UK consumers.”
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Hunt added, “With this expansion into the new car sales segment, this partnership with a fast-growing OEM is the first of its kind in the UK and part of our wider ambitions to establish ourselves as a leading provider of finance solutions in the automotive market across Europe.”
Arval, a major player in full-service vehicle leasing and mobility solutions globally, leases over 1.7 million vehicles, including nearly 48,000 EVs in the UK.
Lakshmi Moorthy, Managing Director of Arval UK, said: “These are two exciting new brands, and we look forward to assisting their growth in the UK. This partnership demonstrates the combined capabilities of BNP Paribas Personal Finance and Arval in supporting manufacturers across Europe.”
Victor Zhang, Executive Vice President at OMODA & JAECOO UK, commented: “We know that in the oldest automotive market in the world, we need the best partners to offer our customers the best experience. We’re delighted to work with BNP Paribas in the UK, developing a competitive and special offering for a newcomer to this market.”
