In a significant development for the automotive industry, Chinese car brands Omoda and Jaecoo are poised to establish their presence in the United Kingdom with the support of BNP Paribas Personal Finance UK and Arval UK. This collaboration between the two finance companies and Chery International, the operator of Omoda and Jaecoo, represents a strategic partnership aimed at fostering the expansion of these new-to-UK brands in the UK market.
The formal agreement between BNP Paribas, Arval, and Chery International was publicly announced on 1st July 2024. As China’s largest OEM for automotive exports, Chery International is expected to bring substantial expertise and innovation to the UK through the introduction of its new brands. This partnership is anticipated to pave the way for Omoda and Jaecoo to enhance their presence and make a significant impact in the UK automotive market.
Initially, Omoda will introduce the SUV 5 and E5 models, which are scheduled to be available this month at 62 retailers across the UK. Meanwhile, Jaecoo’s first model, the Jaecoo 7, is undergoing testing in the desert and is projected to be launched later in 2024. These new additions are poised to offer consumers a diverse range of options, catering to various preferences and requirements.
Arval UK, renowned for providing business leasing on a wide range of vehicles, has expressed its enthusiasm for the partnership. Managing Director Lakshmi Moorthy stated, “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.”
In addition to this partnership, the UK car industry has experienced positive trends in recent months. June used car values have reached their highest point since June 2009, with petrol cars emerging as the most popular choice amongst consumers. Furthermore, a survey conducted by Bridgestone revealed that UK motorists are in a ‘hybrid’ state with regards to their mindset on electric vehicle adoption.
Moreover, the mobility sector has also witnessed new developments, with Norton Motorcycles offering its staff the opportunity to drive electric vehicles through a salary sacrifice programme, facilitated by EV specialist broker DriveElectric. Additionally, the recent Silverstone Soccer 2024 event raised over £3,000 for the Cynthia Spencer Hospice, showcasing the industry’s commitment to charitable causes.
As the automotive and mobility sectors continue to evolve, the partnership between BNP Paribas, Arval, and Chinese car brands Omoda and Jaecoo presents a significant opportunity for growth and innovation in the UK market. With the support of established finance companies and the introduction of new models, consumers can look forward to a diverse and exciting range of options in the near future.