9.8.2004
GMAC received final approval to launch auto financing JV in China

GMAC announced today that it has received Chinese government approval to become the first foreign company to offer automotive financing services in China. GMAC and its Chinese partner Shanghai Automotive Group Finance Co. Ltd. (SAICFC) were granted approval today by the China Banking Regulatory Commission (CBRC) for the establishment of GMAC-SAIC Auto Finance Company, Ltd.

GMAC will hold a 60 percent stake and SAICFC a 40 percent stake in the joint venture, which will have registered capital of RMB 500 million (US$60 million).

Headquartered in Shanghai, the new joint venture is expected to start doing business shortly. It will initially offer wholesale and retail financing for vehicles manufactured by GM's joint ventures with Shanghai Automotive Industry Corporation Group (SAIC).