SEOUL, South Korea, Feb. 10, 2023 /PRNewswire/ -- One year ago, Hyundai Capital Services, a financial services subsidiary of Hyundai Motor Group, and CGI FINANCE, a subsidiary of Societe Generale Group, announced the launch of a joint venture, Hyundai Capital France (HCF).
A major sales destination for Hyundai and Kia vehicles in Europe, France is one of the most important markets for the Hyundai Motor Group. The Group has opted for the strategy of setting up a captive finance company to further support vehicle sales in the European market by providing tailored financial services for customers and dealers.
HCF supports Hyundai Motor France and Kia France, and their dealer network in lease and loan financing for new vehicles and used vehicles.
In 2022, sales of new cars in France dropped by 7.8%* to only 1,529,035 cars*, whereas both Hyundai and Kia outperformed the industry and substantially increased their retail market share. Hyundai ranked in 8th place in the automotive category with a 3.1%* market share and Kia placed 10th in the ranking table with a 3.0%* of market share.
In the first full year of operation, Hyundai Finance and Kia Finance operated by HCF have already achieved high standards in retail penetration and set the basis of close cooperation with both brands. HCF generated positive profit before tax with total assets of more than 1.3 billion euros at the end of 2022.
"HCF will keep working with both brands to support their product plan launches and strengthen innovation in financial and mobility solutions. We want to thank our partners, customers, and employees for this fantastic first year and look forward to continuing our journey together for many more years to come," said Thierry Rougeot, CEO of Hyundai Capital France.
*Source CCFA (Comité des Constructeurs Français d'Automobiles)
Hyundai Capital Services
Hyundai Capital Services, a leading consumer finance company founded in 1993, has been offering financial services tailored to meet the needs of Hyundai, Kia and Genesis brands globally. Spearheading the globalization of Korea's finance sector, Hyundai Capital, headquartered in Seoul, is now active in 14 countries in the Americas, China and Europe and plans further expansion. As part of moves to diversify business models, the company has developed new mobility-exclusive products and set up an automobile leasing company overseas.
