(Yicai Global) May 28 -- Chinese electric vehicle startup WM Motor Technology Co. has entered a strategic partnership with two Chinese commercial lenders, China Citic Bank Ltd. and China Everbright Ltd., as part of efforts to expand the firm's presence in the auto finance sector.
The two banks will provide the Zhuhai-based firm with personalized financial service solutions spanning corporate banking, supply chain finance and investment banking among others, China News reported, adding that the volume of cooperation with Everbright Bank will reach CNY2 billion (USD313 million).
"Everbright Bank and Citic Bank are among the top three financial institutions with large shares in China's auto finance market," said WM Motor Chief Financial Officer Zhang Ran. "Our first mass-produced model – the all-electric SUV EX5 -- will arrive at dealers in the next half year and customers will gain tangible benefits from the cooperation."
Citic Bank launched its auto finance business in as early as 2000 and has built up a specialized platform for the whole automobile industrial chain from upstream and downstream firms to customers. Its average annual credit extended to the sector has exceeded CNY400 billion over the past three years.
Founded in 2015 by former Volvo Cars China Chairman Shen Hui, WM Motor released details its the EX5 first mass-produced model last December, with an expected price of CNY200,000.
Editor: William Clegg