Chery and the Huishang Bank Corp have jointly launched an auto finance company in Shanghai, the Shanghai Securities News has reported.
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The joint venture – Chery Huiyin Auto Finance Co Ltd – is 80% owned by Chery and 20% owned by Huishang Bank.
The new finance company will provide loans to both dealers and car buyers.
The company is expected to cover all dealers in the country within two months and expand personal loan businesses to ten Chinese cities.
Reports in China says that Chery is the first Chinese automaker to set up its own auto finance company after being approved by the China Banking Regulatory Commission. Other finance firms have been set up by Western automakers selling cars in China.
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