Morning News 5 General Motors Financial Services announced that SAIC General Motors Financial Co., Ltd., a joint venture between the company and Shanghai Automotive Group Finance Co., Ltd., has been officially approved by the China Banking Regulatory Commission. This is the country's first auto finance company approved by the China Banking Regulatory Commission. Two days ago, the China Banking Regulatory Commission had just approved the application of Ford Motor Credit Company to build an auto financial service company in China. It is understood that SAIC General Motors Financial Co., Ltd. headquarters will be located in Shanghai, the registered capital of 500 million yuan, of which GM Financial Services Corporation invested 300 million yuan, Shanghai Automotive Group Finance Co., Ltd. invested 200 million yuan. As a joint venture company, SAIC General Motors Financial Co., Ltd. will make full use of the advantageous resources of both parties to provide Chinese consumers with specialized international financial services. According to reports, SAIC General Motors Financial Co., Ltd. mainly provides financial services to General Motors and SAIC Motor’s joint ventures in China in the wholesale and retail sectors. Wholesale credit mainly refers to the purchase of procurement vehicle loans and operating equipment loan services for dealers, which means that financial services companies will provide them with strong cash flow support and help them to conduct business more smoothly. Retail credit is closely related to the vital interests of consumers. Consumers can obtain relevant credit services for car purchase directly from the dealer. At present, SAIC General Motors Financial Corporation is making final preparations before its opening. It is expected that the business will be officially launched in the near future. (Intern Yu Yiling)
View related topics: SAIC commercial vehicle expansion
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