New to the UK Chinese automotive brands Omoda and Jaecoo have signed an agreement with Arval UK to provide fleet and contract management services.

The agreement is part of a financial services partnership agreed by Omoda and Jaecoo’s parent Chery International with Arval Uk and BNP Paribas Personal Finance UK, to provide the two brands’ British dealers and customers .with a full range of flexible finance solutions.

Omoda is initially launching two models, the 5 and E5, with sales beginning in July 2024 and 62 retailers already signed up across the UK. Jaecoo will release its first model later this year and both brands intend eventually to offer a full range of both electric and combustion-engined cars.

The plan is to have a one-bank solution drawing on BNP Paribas’ combined expertise and capabilities. Alongside Arval’s fleet and contract management, BNP Paribas Personal Finance UK will provide consumer finance – the company has developed strong relationships with original equipment manufacturers (OEMs) across the world and the development of this partnership in the UK supports its strategy of supporting OEMs across multiple markets.

Arval is a major specialist in mobility solutions, leasing more than 1.7 million vehicles as at the end of December 2023. More than 194,000 of these are to UK customers, almost 48,000 electric.

Arval UK managing director Lakshmi Moorthy sees Omoda and Jaecoo as two exciting new brands. “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,” he said.

According to Omoda and Jaecoo UK executive vice president Victor Zhang, the company has big ambitions for Europe but knows that in the oldest automotive market in the world, it needs to have the best partners.

“This is an exciting partnership with a very experienced company and experts in their field – together we can develop what we feel will be not only a very competitive offering but something special for a newcomer to this competitive market,” Zhang said.