Image Source: Visual China
BEIJING, April 14 (TMTPOST) — Dongfeng Motor and Stellantis have recently announced that PSA Finance Nederland (PFN), a wholly-owned financing subsidiary of BPF (Banque PSA Finance), and DPCA (Dongfeng Peugeot-Citroën Automobile Company) have entered into an equity transfer agreement with Dongfeng Group, under which their respective shares in the JV Dongfeng Peugeot Citroen Auto Finance Company (DPCAFC) will be sold to Dongfeng Group, subject to regulatory approval.
"As we continue our push to drive profitable growth in China, we need to also reset our financial services offering in the country, as we have done in other major markets," said Stellantis CEO Carlos Tavares. "This move will greatly support our revival plan in the country while also driving a more seamless customer journey."
The transaction is expected to be completed during the second half of 2022 once approval have been obtained from the anti-trust authorities and financial regulators.
Unde the deal, PSA Finance Nederland and DPCA have agreed to transfer their respective 25% and 50% stake in DPCAFC for 3.718 billion to Dongfeng Group. After the transaction is completed, Dongfeng Group will acquire a 75% stake in DPCAFC. Dongfeng Group already holds 25% of the stake in the company, which means DPCAFC will become a wholly-owned subsidiary of Dongfeng Group after the transaction.
Dongfeng Group’s board believes that the deal will help create coordination between the company’s financial business and manufacturing business, driving the development of the company’s manufacturing operation. DPCAFC will also help Dongfeng group enhance its financing ability to reduce the financial pressure the company faces.
For Stellantis, the new structure will align with "Dare Forward 2030" supporting the company"s "asset-light business model" and the new brands set up.
Dongfeng Motor Corporation Ltd. is a Chinese state-owned automobile manufacturer headquartered in Wuhan, Hubei. Founded in 1969, it is currently the third largest of the "Big Four" state-owned car manufacturers of China, namely SAIC Motor, FAW Group, Dongfeng Motor Corporation, and Changan Automobile, with sales of 5.37 million, 3.50 million, 3.28 million and 2.30 million units in 2021 respectively.
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