Santander Mexico expects increase in loans for electric cars

Santander Mexico forecasts that its loan portfolio for electric and hybrid vehicles will grow by 35% in 2026, which would mark a record high for this segment.

The financial institution estimates that bank financing could boost sales of these types of vehicles in the country by up to an additional 20%, in a market that has accelerated its expansion in recent years.

According to the bank, between January and April 2026, approximately 78,700 vehicles with some form of electrification were sold, accounting for 12.7% of light-duty vehicle sales in Mexico, while sales of electric and plug-in hybrid vehicles increased by 262% between 2022 and the first quarter of 2026.

Last year, the bank financed approximately 26,000 electric and plug-in hybrid vehicles through a loan facility of nearly US$572 million, and noted that the profile of those purchasing these vehicles has driven the business’s growth.

For his part, Eugenio Grandio, president of the Electric Mobility Association (EMA), noted that falling prices for electric vehicles and the expansion of charging infrastructure have accelerated their adoption.

The EMA representative added that six out of ten buyers of electric and plug-in hybrid vehicles rely on financing to purchase them, a trend that will continue to drive growth in this market.