BNP Paribas supports Chinese auto brands’ UK entry

Two Chinese automotive brands, OMODA and 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 partnership will provide OMODA and 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 and JAECOO’s further expansion into Europe, launching in the UK automotive market with both internal combustion engines (ICEs) and electric vehicles (EVs).

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.

As part of the partnership, BNP Paribas Personal Finance UK will provide consumer finance, and Arval UK will offer fleet and contract management services.

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.”