Credit Agricole SA : Crédit Agricole Personal Finance & Mobility finalizes the GAC Leasing equity project to support the growth of GAC Group’s electric vehicle sales in China

Core Insights - Crédit Agricole Personal Finance & Mobility has finalized a 50% equity stake in GAC-Sofinco Leasing, enhancing its presence in the Chinese electric vehicle market [2][6] - The partnership aims to stimulate electric vehicle sales in China, with electric vehicles already accounting for 60% of leasing contracts in the new GAC-Sofinco Leasing portfolio [3][6] - GAC Group was the 4th largest automotive group in China in 2023, selling over 2.5 million vehicles globally, with 39.90% being electrified vehicles [7] Company Overview - Crédit Agricole Personal Finance & Mobility is a leader in personal financing and mobility solutions in Europe, offering a range of financing options including leasing and credit services [8] - The company aims to lead in electric mobility across 22 countries, managing €113 billion in outstanding credit as of December 31, 2023 [8] Partnership Details - The joint venture with GAC Group, established in 2009, has been strengthened through this transaction, which will promote electric vehicle deployment in China [6][4] - GAC-Sofinco Leasing will provide financial and operational leasing solutions to GAC customers and its dealer network, which includes over 3,000 dealers [6]