Swissquote is in Love With Tesla, Launches Car Leasing Program
Swiss banking group Swissquote has launched a new car leasing to help Swiss customers to buy new Tesla cars. The move aims to help the firm's expansion in the credit sector. The service, however, should be implemented yet.
According to a press release published by Swissquote, the new online leasing offering is provided in collaboration with Tesla, the California based electric vehicle.
As leasing is very popular in Switzerland, the neobank will be providing attractive leasing products to all clients for expensive cars such as Tesla.
The press release said:
Swissquote is focusing on a market trend that is moving decisively towards electric cars, aiming to make financing a Tesla as effortless as driving one, with Swissquote's entry into the leasing market, customers can now benefit from an enhanced digital experience that enables a swift processing of their leasing requests.
Swissquote is in Love With Tesla And Wants That Love to be Shared
The love for Tesla in the Swiss digital bank is not new. In October, they published a new release of its magazine focused on Elon Musk, CEO of Tesla, including stories about the electric vehicle maker, but also about SpaceX, the aerospace company founded by Musk.
Recently, Swissquote launched its very own app for Tesla cars. "Enhance your Tesla with this special web app and access the latest share prices directly from the cockpit. It's as simple as that," the webpage says.
The Expert Investor Takeaway
Swissquote is a bank that aims for innovation, and it is targeting millennials. In that line, the best way to get them as a customer is to offer easy access to the products they love.
Tesla is an excellent example of that. As leasing is very popular in Switzerland, young executives would see this new Swissquote leasing offering as a way to get a new brand Tesla car.
The Swiss bank is expanding its businesses as a digital bank. So, the action is not unexpected. Previously, the firm partnered with SWiss Post to provide support for its own digital bank in 2021.
The phenomenon of neobanks is not new in Europe, but they are now expanding to the United States. What would be the next step for Swissquote?
In any case, the Tesla deal is the first step into expanding credit services. The company also said they would offer other car brands in the future.
Swissquote Stock Analysis
Shares of Swissquote, traded at the SIX Swiss Exchange under the symbol of SQN since May 29, 2000, are trading positive for the first time in the last four days. Investors are welcoming the Tesla partnership news and the addition of more credit products to its offering.
With today's gains, SQN is confirming the break above the previous range between 84 and 87 Swiss francs per unit. Early in the day, the unit jumped to its highest level since July 28 at 90.00. However, the unit got some selling interest there, and it is now trading off highs.
Currently, the SQN share is trading at 87.80 Swiss francs per unit, which is 3.78 percent up in the day. On the week, the stock is ready to close 2.33 percent positive in the period.
Technically, it is critical that the share closes the week above the October high at 87.9 to confirm the bullish scenario. Next resistances are at 90.00 and July 21 high at 92.50 Swiss francs per share.
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