Chinese electric vehicle (EV) manufacturer BYD and bank BBVA México have announced a strategic alliance to provide financing for electric and hybrid vehicles in Mexico.

The alliance — signed on March 20 — is part of BYD’s ambitious Plan 2024 that aims to increase the company’s presence in Mexico and “democratize” electric mobility in the country.

For its part, BBVA México says the alliance not only seeks to boost the automotive sector, but also to contribute to the reduction of carbon emissions and promote a sustainable business model.

Jorge Vallejo, director general of BYD Auto México, highlighted the importance of earnest collaboration between key actors in banking and the local auto industry, according to the newspaper El Debate.

Vallejo added that the alliance will provide benefits to consumers and business partners, both dovetailing with BYD’s desire to increase sales and expand its operations. Among the benefits for consumers will be a wider variety of electric car models.

“Our goal is to democratize electric mobility by providing accessible, safe and technologically advanced options (to consumers),” BYD said in a press release.

BYD was founded in Shenzhen, China, in 2003 and is known for its offering of electric and plug-in hybrid vehicles, including a wide range of models from SUVs to sedans and hatchbacks.

Last month while introducing a new EV to the Mexican market, BYD revealed its plans to open a plant in Mexico that would make 150,000 vehicles annually exclusively for the domestic market. The Chinese EV manufacturer hopes to settle on a location for its plant by the end of the year.

Vallejo said then that BYD was focusing on potential sites where there is already an established automotive sector, a sound local infrastructure and the availability of labor.

In its own press release, BBVA México said that its more than 30 million customers will benefit from highly competitive financing and down payment rates, demonstrating the financial institution’s commitment to its customers and the environment.

In addition, in line with the latest technology, the bank’s customers will be able to access simulations, applications and approvals for automotive financing through its digital platform in the Automotive Credit category.

With reports from El Debate