China's Dongfeng Motor gets credit lines for auto finance services
The credit lines will be mainly used to establish auto finance services for sales of its commercial and passenger vehicles.
BEIJING (AFX) - Dongfeng Motor Co Ltd has been offered 3.5 bln yuan in credit lines by the China Construction Bank and Japan's Mizuho Corporate Bank Ltd as it moves to launch its own auto finance services, the China Business News reported.
The newspaper quoted Zhu Jiefei, a spokesman for Dongfeng Motor Co, as saying that the credit lines will be mainly used to establish auto finance services for sales of its commercial and passenger vehicles.
No further details were provided.
Dongfeng Motor Co Ltd is a 50-50 joint venture between Nissan Motor Co and China's Dongfeng Motor Corp, which produces Dongfeng's own brand buses, trucks and other commercial vehicles, and a full range of Nissan passenger vehicles.
Dongfeng Motor Co Ltd was not immediately available for comment.
Global auto heavyweights including Volkswagen, General Motors, DaimlerChrysler, PSA Peugeot Citroen and Toyota have all either set up auto finance units in China or have received approval to do so.
(1 usd = 8.05 yuan)
The newspaper quoted Zhu Jiefei, a spokesman for Dongfeng Motor Co, as saying that the credit lines will be mainly used to establish auto finance services for sales of its commercial and passenger vehicles.
No further details were provided.
Dongfeng Motor Co Ltd is a 50-50 joint venture between Nissan Motor Co and China's Dongfeng Motor Corp, which produces Dongfeng's own brand buses, trucks and other commercial vehicles, and a full range of Nissan passenger vehicles.
Dongfeng Motor Co Ltd was not immediately available for comment.
Global auto heavyweights including Volkswagen, General Motors, DaimlerChrysler, PSA Peugeot Citroen and Toyota have all either set up auto finance units in China or have received approval to do so.
(1 usd = 8.05 yuan)
