Beiqi Foton Motor (600166) plans to establish an auto finance company by the end of 2011, reports Beijing Times, citing a source from the company.
Foton is expected to be the controlling shareholder, while Beiqi will also hold equity stakes in the auto finance company.
There are currently eight auto finance companies in China, but Chery International is the only company with an auto finance company and its own auto brand.
Shares of Beiqi Foton Motor (600166) rose 2.54 percent to close at 21.43 yuan today.
