Although Chery Auto has recently received government regulatory approval for a finance arm, the firm has said it will proceed cautiously and not offer widespread finance before 2010.
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The Chery finance arm would trial personal auto loan services in ten cities across the country initially to lower risks, even if it decided to launch such business, said Wang Shirong, Chery’s finance division manager.
The division will look to grow slowly and become profitable two or three years after its birth, according to Mr. Wang.
Chery and the Huishang Bank Corp jointly launched an auto finance company in Shanghai last week.
The new finance company is expected to provide loans to both dealers and car buyers.
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By GlobalDataReports in China says that Chery is the first Chinese automaker to set up its own auto finance company after being approved by the China Banking Regulatory Commission. Other finance firms have been set up by Western automakers selling cars in China.
