Press Release

Volkswagen Finance China celebrates 10th anniversary

  • The first wholly foreign-owned auto finance company in China, which plays a leading role in the auto finance industry, continues its rapid development
  • Innovative and tailor-made finance products bring advantages to customers, dealers, and Volkswagen Group brands alike
Beijing/Braunschweig 3 September 2014. Volkswagen Finance China, a wholly owned subsidiary of Volkswagen Financial Services AG, looks back on a period of rapid growth during the past decade. Starting in 2004 with 17 Volkswagen Group dealers in only one city, Volkswagen Finance China is currently partnering with more than 2,000 dealers in nearly 300 cities across the country. In 2013, the company has financed around 228,000 vehicles (2004: 210 vehicles). Volkswagen Finance China aims to promote the sales of Volkswagen Group brands by offering attractive tailor-made products. The company increased the current finance penetration rate of approximately 10 percent, a historic high in the traditional Chinese cash payers market.

Today Volkswagen Finance China celebrates its 10th anniversary. In attendance at the ceremony was Frank Witter, CEO of Volkswagen Financial Services AG: "Volkswagen Financial Services have been growing strongly internationally during the recent years. China is not only the largest and most important automotive market but is also becoming increasingly significant for us as financial service provider – in 2013 alone, we were able to increase the number of new contracts by very impressive 52 percent."

Reinhard Fleger, Chief Representative of the Region China/India/ASEAN at Volkswagen Financial Services, added: "Since its establishment in 2004, Volkswagen Finance China has taken a leading role in the auto finance industry, with the mission of supporting the sales of Volkswagen Group brands and enhancing customer loyalty. Based on very close cooperation with the brands of the Volkswagen Group and dealer partners, and thanks to the hard work of its employees, Volkswagen Finance China has achieved outstanding results over the past 10 years."

In this period, consumer behaviour in China has changed. Nowadays, auto finance is becoming more and more popular among Chinese consumers. Joern Kurzrock, CEO and General Manager of Volkswagen Finance China, claimed: "The development and achievements of Volkswagen Finance China in the past demonstrate that we are on the right path. As we are all witnessing, automobile financial services are becoming increasingly important in China. Volkswagen Finance China is a leading player within our industry by continuously offering innovative auto finance products and services. Furthermore, we are proud of having been awarded “Best Auto Finance Company” in 2012 and 2013 and “Top Employer” in 2013 and 2014.”

Information for editors

Volkswagen Finance (China)
is a solely owned company of Volkswagen Financial Services AG and was the first wholly foreign-owned auto finance company in China. Currently employing more than 600 people in China, it has since its founding in Beijing, in 2004, established close cooperative relations with SVW, FAW-VW and Volkswagen Group Import China, providing a range of innovative financial services for Volkswagen Group brands including Volkswagen, Audi, ŠKODA, Porsche, Scania, SEAT, Bentley, Lamborghini and MAN.

Volkswagen Financial Services
are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies and the financial service companies in the US, Canada, Argentina and Spain that belong directly or indirectly to Volkswagen AG – with the exception of the financial services of the Scania and Porsche brands and Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, the bank and insurance business, fleet management and mobility offers. Volkswagen Financial Services have a total of 10,945 employees worldwide – including 5,389 alone in Germany (as at: 31.12.2013). The Annual Report 2013 of Volkswagen AG reported total assets for Volkswagen Financial Services of around EUR 115.1 billion, an operating result of EUR 1.6 billion, and a portfolio of around 10.7 million current contracts.

Contact for press inquiries:

Volkswagen Finance (China)
Yan Wu (Head of Marketing and PR)
Phone: +86 10 65 89 78 30

Volkswagen Financial Services AG

Marc Siedler (Press Officer)
Phone: + 49 (0)531 / 212-87675