Chery Auto has now set up an auto finance company in an alliance with a local regional bank, becoming the first domestic carmaker to do so.
Go deeper with GlobalData
The firm, Chery Huiyin Auto Finance Co., was established with a capitalisation of 500 million yuan, in which Chery holds an 80% stake and Anhui Commercial Bank the remainder.
All Chery dealers will eventually be prepared to extend loans to car buyers.
Chery received government regulatory approval for the move in April.
It also said then it would trial personal auto loan services in ten cities across the country initially to lower risks.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
