JLR and BNP Paribas: reinventing financial services for sustainable mobility

With electric vehicles set to go mainstream and cars beginning to be used in different ways as mobility increasingly becomes a service, JLR is positioning itself for the transition by integrating new technology into its vehicles to create a modern luxury experience.

In January 2023, the luxury British car maker’s long-term strategic partnership with BNP Paribas went live. Providing mobility financing and services across nine European countries – including France, Germany, Italy and Spain – the collaboration comes as the global shift towards digitalisation creates exciting opportunities for a host of new services through software-defined vehicles. 

At the same time, changes are being driven by the rise of a “usership” (or rental) model in preference to ownership, especially among younger consumers. Furthermore, with electrification central to JLR’s goal to reach carbon net zero across its supply chain, products, and operations by 2039, the company plans to launch pure electric models in each of its brands by 2030. 

“To meet the challenges of electrification and the new world of mobility, we need a strong corporate banking partner,” says Chris Kent, JLR’s Director of Global Financial Services, adding that trust with BNP Paribas has been built up over many years. 

Despite this existing strong relationship, JLR launched a competitive tender with a range of European banks. BNP Paribas’s superior offer enabled it to win, allowing it to deliver the complete integration of its services with JLR’s tools, to the point where they become invisible. 

It took a year of preparation and negotiation, with around 40 people from both companies working with what Chris describes as “a true joint venture spirit”. “Ultimately, it comes down to that degree of confidence that you have with the people that you're working with, that they understand where you're trying to take your business, and they're going to be there to support you. That was what set BNP Paribas apart in the tender process,” adds Chris.

BNP Paribas’s services are designed to enable customers to access products smoothly, including the ability to opt in and out of vehicles as required, with solutions for reselling or recycling EVs. But it is not only about the EVs themselves: it also means financing the ecosystem around mobility, such as chargers, or the ability to make in-car payments. “This means that the relationship with the customers is going to be much more frequent than it used to be,” adds Milcent.

Frédéric Drouin, JLR’s Managing Director for Financial Services Europe, underlines that one of the key objectives of the integrated platform is to save time for the client and facilitate sales. “BNP Paribas and JLR have been partnering to create a seamless digital journey, from websites to the retailer’s showroom,” says Drouin, explaining that in the future all the screens will be connected, from desktop computers to smartphones and even vehicle dashboards. “This is a huge IT transformation that we are doing together with BNP Paribas,” he adds.