Fiat SpA's automotive financing arm received regulatory approval to provide financing services in China, Reuters reported last week.

Fiat Automotive Finance Co, with an investment of 500 million yuan ($67.87 million), will provide financing services for imported and locally made Fiat vehicles sold in the country, the Italian automaker said in a statement.

The company joins General Motors Corp and Volkswagen AG in offering financing products to the world's second-largest auto market.

In August, Fiat signed an initial deal with China's Chery Automobile to make cars in China. The venture, scheduled to start operation in 2009, will have an annual capacity of 175,000 units.