Establishment of a Joint Venture Finance Company in Indonesia for Hino Trucks and Buses19 December 14, 01:35 pm
Sumitomo Corporation (Head office: Chuo-ku, Tokyo; President: Kuniharu Nakamura; hereinafter “Sumitomo Corporation”), Hino Motors, Ltd. (Head office: Hino City, Tokyo; President: Yasuhiko Ichihashi; hereinafter “Hino”), and PT. Indomobil Multi Jasa (Head office: Indonesia; President Director: Jusak Kertowidjojo; hereinafter “IM”), a leading company in the Indonesian automotive sector, have jointly established PT. Hino Finance Indonesia, a finance company in Indonesia, for Hino trucks and buses.
The new company will be involved in the finance business as a captive finance company*, mainly offering finance services for Hino trucks and buses with the aim of strengthening customer relations. The company, together with local sales agents and dealers, will make efforts to propose vehicles that suit customer needs and present its method of purchasing vehicles to enhance its sales capabilities. In addition, the provision of one-stop service is expected to boost customer convenience.
Hino has seen steady growth in its truck and bus sales in Indonesia in line with continued expansion of the Indonesian automotive market. Now more than 30 years since Hino first entered the Indonesian market, the country has grown into Hino’s second largest market after Japan. Sumitomo Corporation has long been making efforts to expand sales of Hino trucks and buses in Indonesia, starting with the export of Hino vehicles to the country in the 1970s. Sumitomo Corporation also invested in Hino’s sales and marketing company. Capitalizing on this opportunity, Sumitomo Corporation will strive to meet the various needs of customers and contribute to Hino’s business growth in the Indonesian commercial vehicle market, where additional expansion is anticipated.
*Captive finance company: a finance company managed by a car manufacturer set up to provide finance service.
Outline of the new joint venture company
|Name||:||PT Hino Finance Indonesia|
|Head office||:||Jakarta, Republic of Indonesia|
|Paid-in capital||:||300,000 million Indonesian rupiahs (approximately 2.8 billion yen)|
|Ownership ratio||:||Hino: 40%; IM: 40%; and Sumitomo Corporation Group: 20%|
|Business description||:||Financing for Hino trucks and buses|
|Commencement of commercial operation||:||Spring 2015 (scheduled)|