Hyundai Motor to set up auto finance unit in China
South Korea's Hyundai Motor Co is likely to set up a wholly-owned auto finance unit in China with a total investment of 198 mln yuan, the Shanghai Securities News reported.
BEIJING (AFX) - South Korea's Hyundai Motor Co is likely to set up a wholly-owned auto finance unit in China with a total investment of 198 mln yuan, the Shanghai Securities News reported.
Quoting a company official at Hyundai Motor (China) Investment Co Ltd, the report said the unit will start operations in August this year, although the plan still requires government approval.
Hyundai Motor (China) Investment spokesman Li Songhe declined to comment on the report.
Global auto heavyweights including Volkswagen, General Motors, DaimlerChrysler, PSA Peugeot Citroen and Toyota have all either set up an auto finance unit in China or have recieved approval to do so.
Quoting a company official at Hyundai Motor (China) Investment Co Ltd, the report said the unit will start operations in August this year, although the plan still requires government approval.
Hyundai Motor (China) Investment spokesman Li Songhe declined to comment on the report.
Global auto heavyweights including Volkswagen, General Motors, DaimlerChrysler, PSA Peugeot Citroen and Toyota have all either set up an auto finance unit in China or have recieved approval to do so.
