General Motors Corp said that its auto financing joint venture in China, which marks its first year of business in the country this month, has achieved a portfolio of over 5,000 retail loans.
In a statement, GM said the joint venture between General Motors Acceptance Corporation and Shanghai Automotive Group Finance Co Ltd currently services 180 dealers in wholesale business and over 110 dealers in 20 Chinese cities with retail credit.
GMAC-SAIC Automotive Finance Co Ltd, which was established in August 2004 and focuses on new car financing, was the first approved and operational automotive financing company in China.
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