Toyota Receives Approval to Offer Financing in China

TOKYO -- China has granted approval to Toyota Motor Corp. to begin offering auto financing services in the country, the auto manufacturer said.

Toyota expects to begin operations in January 2005 and will name the local finance firm Toyota Motor Finance China Co., reported Reuters.

The China Banking Regulatory Commission has already given approval to Volkswagen AG, General Motors Corp., Ford Motor Co. and DaimlerChrysler AG.

A Toyota spokeswoman told Reuters that about one-fifth of Chinese car buyers use some form of credit, while the majority still pays cash.