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SAIC, GM launch leasing unit
Automotive News China | 2018/12/4

SAIC General Motors Corp., General Motors¡¯ passenger vehicle joint venture with SAIC Motor Corp., launched a leasing company to support and boost vehicle sales.

The new company, SAIC-GMF Leasing Co., is incorporated in Shanghai¡¯s free trade zone with 1 billion yuan ($144 million) in registered capital, SAIC said. 

Leasing accounts for only about 3 percent of new vehicle sales in China and offers tremendous growth potential for automakers. By contrast, nearly 40 percent of vehicle sales are supported by auto loans, SAIC noted.

SAIC-GM, a 50-50 partnership between SAIC and GM, markets locally produced and imported vehicles under the Cadillac, Buick and Chevrolet brands. 

In the first 10 months of the year, the joint venture¡¯s sales rose 3.5 percent to 1,617,471 cars and light trucks. 

In Shanghai, GM also operates a joint venture auto financing company with SAIC to provide loans for buyers.

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