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(Reporter Yang Kairan) Yesterday, Volvo's financial company announced that it had officially obtained approval from the China Banking Regulatory Commission to establish an auto finance company in China. This is the first commercial vehicle finance company in China.
The newly established "Volvo Car Finance (China) Co., Ltd." has a registered capital of 500 million yuan and is headquartered in Beijing. It will officially launch car loan financing business in the third quarter of this year.
This is the seventh domestic foreign-funded financial company. Earlier, the China Banking Regulatory Commission has approved six foreign auto finance companies such as SAIC-GM, Volkswagen, Toyota, Ford, Dike, and Dongfeng Citroen. In contrast to the previous six, Volvo Auto Finance is providing financial services mainly to commercial vehicles and construction equipment. The first six companies provide passenger car loan services for cars.
At this point, the Volvo Group's eight major operations, including Mark Trucks, Renault Trucks, Volvo Trucks and Volvo Buses, have entered the country.
According to Zhan Guodong, president of Volvo Financial Services Asia, Volvo Car Finance is the first automotive finance company to have its Asian headquarters in Beijing. He said that the company has no upper limit on the amount of financing for dealers, which is basically twice the monthly sales, and the higher the sales volume, the higher the amount of financing the dealers get. Zhan Guodong said that in China, 70% to 80% of commercial vehicle owners use loans to buy cars.
