Hyundai Capital Services, a financial services subsidiary of Hyundai Motor Group, and CGI Finance, a subsidiary of Societe Generale Group, announced the launch of a joint venture, Hyundai Capital France (HCF).
HCF will support Hyundai Motor France, Kia France and their dealer network of 400 sites in lease and loan financing for new vehicles and used vehicles in addition to serving as a sales agent for relevant insurance products.
The company will benefit from the support of Societe Generale Group and operate under the Hyundai Finance and Kia Finance brands within their respective networks and with dedicated teams.
“France is a strategically significant market for Hyundai Motor Group and we are very glad to form a joint venture with Societe Generale Group in this regard,” said Kim Hyun Joo, EVO and head of global business division at Hyundai Capital.
“Hyundai Capital, as a captive finance provider, aims to support Hyundai Motor Group’s meaningful expansion in France with tailored products and services.”
“We are very proud of this new chapter with the Hyundai Motor Group, which is the recognition of a long term partnership. It will enable CGI Finance to continue to grow and support Hyundai Motor France, Kia France and their dealers network while offering services for a more sustainable mobility to consumers,” said Ludovic Van De Voorde, CEO of CGI Finance.
A major sales destination for Hyundai and Kia vehicles in Europe, France is regarded as one of the most important markets for HMG. The group has opted for the strategy of setting up a captive finance company to further support vehicle sales in the European market by providing tailored financial services for customers and dealers.
HCF is the 10th overseas financial entity of Hyundai Capital and 17th when consulting entities and branches are taken into account. Within Europe, it is the fifth entity after operations in Germany, the United Kingdom, Russia and Italy.
With the establishment of Hyundai Capital Bank Europe in Germany in 2016, Hyundai Capital said it would enter additional countries in Europe. Prior to France, the company opened a branch in Italy in 2021.