The French bank’s CA Auto Bank will also become GAC's financial partner, supporting the automaker's EV sales in Europe starting in January 2025. GAC, one of China’s largest state-owned carmakers, is targeting 500,000 overseas sales by 2030 and plans to introduce an electric SUV specifically designed for the European market. GAC is also exploring local manufacturing in Europe to bypass EU tariffs.
This deal reaffirms the long-standing partnership between Credit Agricole and GAC, aiming to capitalize on the booming global electric automobile market, particularly in China, where EV and plug-in hybrid sales surged by 30.5% in September, according to data from Rho Motion.
CA Auto Bank, which operates in 18 European countries, provides traditional credit, leasing, and stock financing, positioning itself to play a crucial role in GAC's European EV ambitions.
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