Credit Institution Credit Agricole Invests in the Chinese E-Mobility Market

The French bank Credit Agricole plans to acquire a 50 percent stake in the Chinese company GAC Finance Leasing, a subsidiary of Guangzhou Automobile Group. With this move, the financial giant aims to penetrate the burgeoning Chinese electric vehicle market. Through a targeted capital increase, the subsidiary CA Personal Finance & Mobility will take over the stake. Stéphane Priami, head of this division at Credit Agricole, emphasized the importance of the long-standing partnership with the GAC Group. He views the transaction as an opportunity to jointly leverage the immense potential of the electric automobile market in China over the long term. Data from Rho Motion, a recognized market research firm, showed on Tuesday an impressive annual increase of 30.5 percent in global sales of fully electric and plug-in hybrid vehicles in September. Notably, China surpassed its already high sales figures from the previous month.