BYD, Chirey, Omoda and Other Chinese Brands Drive the Battle of Auto Credit in Mexico
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The arrival of Chinese automotive brands in Mexico is changing the landscape of the industry undergoing a profound technological and commercial transformation. What began as a greater supply of low-cost vehicles has become a phenomenon with implications for manufacturers, distributors, consumers and even the financial system. According to an analysis by Moody’s Local Mexico, vehicles manufactured in China accounted for about 28 percent of the Me…
The growth of BYD, Chirey, Omoda and other Chinese automakers in Mexico opens new business opportunities for banks, which can gain ground in car financing in the absence of their own financiers, Moodys Local said. According to an analysis by the qualifier, the expansion of Chinese vehicles is changing the composition of sales in the domestic market, so there is an opportunity for traditional banking.
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