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Fiat opens financing unit in China
Shanghai. December 21 (Gasgoo.com) – Italian automaker Fiat Group opened its financial unit, Fiat Automotive Finance Co Ltd in Shanghai this week, Shanghai Securities News reported.
With an investment of 500 million yuan (US$67.9 million), Fiat Automotive Finance Co Ltd (Fiat AFC) will provide retail and dealer financing services for vehicles produced and sold by Fiat Group in China, including both its own brands and those produced by local partner, the company said in Shanghai yesterday.
Fiat AFC will be a wholly-owned subsidiary of FIDIS SpA, Fiat Group Automobiles' financial services company, which has roughly 25 years experiences providing financing and credits services to its customers.
"It is strategically important for Fiat to build a finance unit in China, the second biggest and fastest-growing automotive market worldwide," said Alain Breuils, chairman of Fiat AFC and senior vice-president of Fiat Group Worldwide Financing Services.
Prior to Fiat’s move, General Motors, Volkswagen and Toyota have already established similar financial programs to Chinese customers.
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