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National Bank of Fujairah partners with HongQI Motors to finance imports of electric vehicles into the UAE

National Bank of Fujairah has partnered with One Road Automotive (Exclusive UAE Distributors – HongQI Motors, luxury Chinese car brand), to support the expansion of its new energy vehicle fleet in the UAE. The partnership is in line with NBF’s ongoing commitment to the growth of the green economy and will make it the first bank to finance HongQI Motors imports of electric vehicles from China to the UAE.

HongQI Motors, who is in business since 1958, successfully opened its flagship Dubai showroom through its exclusive distributor, One Road Automotive. It used the occasion as an opportunity to launch its electric smart vehicles in the Middle East, which cater to different customer preferences.

NBF is committed to supporting customers with initiatives that expand and accelerate sustainable practices, in accordance with the Dubai Declaration and with the UAE Energy Strategy 2050. This latest partnership will see HongQI Motors utilise the bank’s green finance framework to bring more electric vehicles into the UAE. Through the use of advanced smart technologies, HongQI Motors continues to look for ways to offer its customers outstanding product designs and performance.

“Sustainability is one of the key pillars of how we operate, and we are committed to supporting green initiatives that contribute to a sustainable and low-carbon future in line with the UAE government’s vision” said Vince Cook, CEO of NBF. “For the transportation industry, a significant way to achieve decarbonisation is through electrification, so we are delighted to be providing HongQI Motors with the additional working capital to import more electric vehicles into the UAE. We strongly believe that our sustainable financing products and services can play a pivotal role in the implementation of sustainable initiatives throughout the UAE, and this latest partnership with HongQI Motors is a great example of this.”

Qiyi Xie (Elvin), General Manager, One Road Automotive (Exclusive UAE Distributors of HONGQI MOTORS) said: “HongQi is a pioneer in the automobile industry and we appreciate the relationship with NBF in supporting the advocacy for clean and green energy across the UAE by emphasising our Electric Vehicle. At One Road Automotive, we hold the exclusive dealership of HONGQI cars in the UAE, and are thankful to NBF for their support. We are looking forward to a more vibrant relationship with NBF, while we support eachother’s advocacy for a better environment.”

Further highlighting NBF’s commitment to the development of green products and services, the benefits of the partnership will extend to HongQI Motors’ customers. Those who purchase an electric vehicle from the luxury car brand in the UAE will be eligible for car financing loans at privilege rates, starting from 3.25% (Flat rate).