Business News
Nissan to launch new auto-financing business in China
Jan 16, 2007, 9:40 GMT
Tokyo - Japan's Nissan Motor Co and China's Dongfeng Motor Group Co plan to establish an automobile-financing firm based in Shanghai later this year, Nissan said Tuesday.
The two companies received official approval from the China Banking Regulatory Commission on January 5 and began preparing to launch Dongfeng Nissan Auto Finance Co.
Nissan and Dongfeng plan to submit a formal application for business commencement in six months, the Japanese auto maker said.
Nissan is to own 65 per cent of the new financing firm, which would be capitalized at 500 million yuan (64.12 million dollars).
Dongfeng Nissan Auto Finance, which is to provide automobile loans to Nissan- and Infiniti-brand customers, plans to expand its business to other major cities in China by 2010, Nissan said.
© 2007 dpa - Deutsche Presse-AgenturCOMMENT
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