Hyundai sets up finance unit in China to help Hyundai, Kia car sales

Hyundai Motor Group said on Tuesday that it has set up an auto financing joint venture in China to start providing auto loans for Hyundai and Kia customers.

South Korea’s largest automotive group will have a 60 percent stake in Beijing Hyundai Auto Finance Co. with an initial capital of 500 million yuan ($79 million). Beijing Automotive Industry Group will hold the remainder.

The move will help increase its market share in the world’s largest car market, where cash is still the dominant method of payment for vehicle purchases.

via Business feed http://www.scmp.com/business/companies/article/1046850/hyundai-sets-finance-unit-china-help-hyundai-kia-car-sales