CaixaBank Payments & Consumer — a subsidiary of Caixabank, the third-largest financial services provider in Spain by market cap — has partnered with France-based car leasing company Arval to promote electric car subscriptions in Spain.

This partnership will enable consumers to subscribe to one of three electric vehicles — the Tesla Model 3, Volvo EX30 or BYD Atto 3 — for between three and five years with the flexibility of knowing they can change to a non-electric vehicle after 12 months without incurring any additional cost.

“The objective of CaixaBank and Arval is to promote the transition to electric vehicles with a formula that allows users to try electric technology without a long-term agreement,” according to a statement from the two companies, Europa Press reports.

In December 2022, Arval completed the takeover of Terberg Business Lease Group B.V., which operates in the Netherlands and Belgium, for an undisclosed sum.

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