CHANGSHA, Hunan – Sany Auto Finance Co., Ltd., China’s first automotive financing company dedicated to the country’s engineering machinery and equipment industry, officially opened for business here on December 8, 2010.
The new company has registered capital of ¥800 million ($120.5 million) and will mainly provide retail and wholesale credit, rental as well as one-stop financial service solutions to its customers. It will gradually integrate all financing business of parent company Sany Group, the world’s largest concrete machinery manufacturer and one of the world’s Top 50 engineering machinery makers.
By 2015, the company is expected to manage over ¥100 billion in financing assets for Sany Group and contribute ¥5.5 billion to group net income. It is also expected to expand its financing business to the U.S., Germany, India and Brazil once it matures in China.
Sany Auto Finance becomes the country’s second Chinese majority-owned auto financing company, after Chery Auto Finance, which was formed in 2008.
Sany Group currently leads China’s cement pump truck market with a market share of 57 percent. In addition, the company makes other engineering machineries such as excavating machines and cranes. It had sales turnover of ¥30.6 billion in 2009 and is targeting ¥100 billion for 2012 and ¥300 billion for 2015.