Electric Vehicle Boom: Crédit Agricole Fuels GAC Group's China Expansion with Strategic Leasing Partnership
In a strategic move to bolster electric vehicle sales in China, Crédit Agricole Personal Finance & Mobility has successfully completed its equity acquisition of GAC Leasing. The financial institution has secured a 50% stake in what is now known as Guangzhou GAC-Sofinco Finance Leasing Co Ltd, marking a significant partnership with Guangzhou Automobile Group Co. This landmark transaction, finalized on January 27th, 2025, in Massy, represents a pivotal step in supporting the growth of GAC Group's electric vehicle market presence. By joining forces with one of China's largest automotive manufacturers, Crédit Agricole Personal Finance & Mobility is positioning itself at the forefront of the rapidly evolving electric vehicle landscape. The newly formed GAC-Sofinco Leasing will leverage the combined expertise of both organizations to provide innovative financial solutions and drive the adoption of electric vehicles in the Chinese market.