BMW Auto Finance China Ups Capital on Optimism Toward Chinese Market
Zhang Xia
DATE:  Sep 08 2017
/ SOURCE:  Yicai
BMW Auto Finance China Ups Capital on Optimism Toward Chinese Market BMW Auto Finance China Ups Capital on Optimism Toward Chinese Market

(Yicai Global) Sept. 8 -- BMW Automotive Finance China Co. has upped its registered capital to USD1.51 billion (CNY9.8 billion) from USD738 million to meet the need of the country's rapidly developing auto market, it said on Sept. 8.

The move will give the company more registered capital than any other car finance company in China, and won't affect shareholding structure, China Economic Net reported.

Bayerische Motoren Werke AG [FWB:BMW], known as BMW Group, and BMW Brilliance Automobile Ltd. set up the finance arm in 2010. It provides wholesale and retail financial services to dealers and customers of the group's three major auto brands, BMW, Mini and Rolls-Royce.

When it was founded, BMW Auto Finance China's registered capital was just USD77.4 million (CNY500 million), with BMW Group holding 58 percent and BMW Brilliance Automobile holding the remainder. Until now, it had injected capital three times.

The finance unit is confident of the long-term development potential of China's auto finance market and will continue to provide better services for its users, said Uwe Stadtler, chief executive of BMW Automotive Finance China.

China's online auto finance market was worth about USD30.8 billion in 2016, according to a China Car Loan Alliance report. The country has become the world's largest auto consumer market, and experts predict its auto finance penetration rate will reach 45 percent by 2020.

Follow Yicai Global on
Keywords:   Car Finance,BMW,Fund