When the People's Bank of China singled out auto financing companies for extra help this week, it ended up freeing up over RMB 200m ($30m) for Volkswagen's (VW) Chinese unit, which is being used to top up falling car sales says VW's General Manager Harald Mueller. A spokeswoman for "It can be used to reduce our cost of funds, and we can pass that on to the customers" said Mr Mueller. The move comes as China's government has been trying to boost its economy by encouraging consumers to spend more money at home.
When the People's Bank of China singled out auto financing companies for extra help this week, it ended up freeing up over RMB 200m ($30m) for Volkswagen's (VW) Chinese unit, which is being used to top up falling car sales says VW's General Manager Harald Mueller. "It can be used to reduce our cost of funds, and we can pass that on to the customers" said Mr Mueller. The move comes as China's government has been trying to boost its economy by encouraging consumers to spend more money at home.