Fiat Automotive Finance Co. Ltd. (Fiat AFC) has received Chinese government approval to provide financial services to Fiat Group customers and dealers in China next year, the company said here on Thursday.

"It is strategically important that our financing services arrive in China," said Alain Breuils, Chairman of Fiat AFC and Senior Vice President of Fiat Group Worldwide Financing Services. "Fiat Automotive Finance will be the financial services arm of all Fiat Group companies operating in this market, which is the second biggest automotive market in the world and number one in terms of growth rate."

The service would cover not only Fiat-branded cars but also luxury and super cars such as Ferrari and Maserati, commercial vehicles in trucks and buses by Iveco and Case construction equipment. Customers would be able to get such financial services as loans and insurance through the company, according to Breuils.

In China, Fiat Group companies have already established four representative offices, nine joint ventures and 11 wholly foreign owned enterprises with a total investment of around 1.5 billion U.S. dollars. It has more than 13,000 employees in the country. Fiat AFC, with its registered capital totalling 500 million yuan(67.8 million U.S. dollars) is owned by Italy-based FIDIS S.p.A.