Hyundai Starts China Auto Finance Venture to Boost Sales
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Hyundai Motor Co., South Korea’s largest carmaker, will start providing auto loans this month to buyers in China as it seeks to increase the share of sales in the world’s largest vehicle market.
Hyundai’s auto-financing venture aims to get as many as 45 percent of customers who buy Hyundai and affiliate Kia Motors Corp. cars on loan in three years, Lee Kyo Chang, chief executive officer of Beijing Hyundai Auto Finance Ltd., said in a phone interview yesterday. It expects to match the 30 percent annual growth in terms of volume coverage achieved by the auto-financing industry, he said.