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SEARCHBEIJING –- DaimlerChrysler AG´s captive finance arm has received initial approval to establish auto financing operations in China.
BEIJING –- DaimlerChrysler AG´s captive finance arm has received initial approval to establish auto financing operations in China.
DaimlerChrysler Services´ venture into China would be the fifth, following General Motors, Volkswagen, Ford and Toyota, reported the Asia Pulse newspaper.
The initial approval from the China Banking Regulatory Commission is the first step toward providing vehicle financing in the country. China is the world´s fourth largest automobile market.
DaimlerChrysler expects the program to be operational in fall 2005, it said in a statement. The company expects to sell 50,000 units in the country this year, 9,000 less than its previous target made in September, said Rudiger Grube, chairman of its China executive board, reported the paper.
Vehicle sales rose 18 percent to 4.13 million units in the first 10 months, compared with a 76 percent increase last year and 50 percent in 2002.
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