Fiat gets nod for auto financing services in China
Fiat said on Thursday its automotive financing arm has received regulatory approval to provide financing services in China.
Fiat Automotive Finance Co, with an investment of 500 million Yuan ($67.87 million), will provide financing services for imported and locally made Fiat vehicles sold in the country, the Italian automaker said in a statement.
Major industry giants, such as General Motors Corp and Volkswagen AG have been offering such services for years to bolster growth in the world's second-largest auto market.
Fiat, which also makes the Maserati and Ferrari models, operates two manufacturing ventures in China with Nanjing Automobile (Group) Corp, making sedans and light buses. It also operates a truck making venture in southwest China.
In August, Fiat signed an initial deal with China's Chery Automobile to make cars in China. The venture, scheduled to start operation in 2009, will have an annual capacity of 175,000 units.Views:0
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