French financial institution Crédit Agricole is coming into right into a strategic partnership with GAC Worldwide, the European department of China’s fifth largest automotive producer Guangzhou Car Company (GAC).
The deal will see CA Auto Financial institution provide tailor-made financing options for GAC’s full EV lineup because it prepares to enter the European market in January.
“With its century of expertise and operations spanning 18 European nations, CA Auto Financial institution is well-positioned to assist GAC’s European enlargement,” stated Stéphane Priami, CEO of CA Private Finance & Mobility.
The financial institution will present versatile and modern financing choices, together with conventional credit score, leasing, and inventory financing delivered by a unified platform to make sure operational effectivity throughout completely different markets.
This partnership aligns with CA Private Finance & Mobility’s broader purpose of main Europe’s electrical mobility sector by 2025 and likewise deepens a relationship that started in 2009 with the creation of the GAC-Sofinco three way partnership in China which was additional strengthened when CA Private Finance & Mobility acquired a 50% stake in GAC Finance Leasing Firm.
“By facilitating GAC’s entry into Europe, we’re not solely supporting their enterprise but in addition contributing to the transformation of Europe’s car fleet in direction of electrical mobility,” stated Priami. “It is a key step in our journey to changing into Europe’s chief in electrical mobility.”
Giacomo Carelli, CEO of CA Auto Financial institution, added: “With CA Auto Financial institution, we convey our experience to assist GAC make a big affect on the European EV market. This partnership demonstrates our dedication to sustainability by selling the transition to zero-emission automobiles throughout the continent.”
