China’s crackdown on risky peer-to-peer lending is beginning to weigh on the world’s largest car market. Lending cuts mean pressure on global carmaker revenues. To raise sales they should focus on offering more high-quality loans of their own.
After opening up the consumer finance market four years ago, regulators in China seem determined to seal it back up again. A new licensing framework targets popular P2P platforms with high delinquency rates. Auto-loans have already fallen.
China’s P2P lending hit Rmb2.8tn ($422bn) last year. Around one-tenth of this is used to buy cars via lenders such as Yixin and Uxin, which listed on the Nasdaq exchange in June.
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