BYD gains approval for new financing company
Gasgoo.com (Shanghai February 5) - BYD has received official notification from the Shaanxi Banking Commission, receiving approval to open an automobile financing subsidiary, China Securities News reported today. The company, the BYD Auto Finance Co., Ltd., possesses a registered capital of 500 million RMB ($81.35m), 80 percent of which is coming from BYD and the remaining 20 percent from the Bank of Xi’an.
The new company will manage investments, automobile loans and rental credit, as well as offer various other financial services covering new car sales, used car trade-ins, auto parts, maintenance services and other aspects. These different services have all been individually approved by the relevent authorities.
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