Toyota Inks New Strategic Alliance with 2 Chinese Auto Giants
Beijing, Oct. 9 (Jiji Press)--Toyota Motor Corp. has announced the signing of a new three-way strategic alliance with two state-owned Chinese auto giants, China FAW Corp. and Guangzhou Automobile Group Co., each of which has a partnership with the leading Japanese automaker for the Chinese market. Toyota, which currently has a joint venture called FAW Toyota Motor Co. with China FAW and anot...
Beijing, October 9 - Toyota Motor Corporation has recently forged a new strategic alliance with two prominent Chinese auto manufacturers, China FAW Corp. and Guangzhou Automobile Group Co. This alliance complements the existing partnerships each company has with Toyota in the Chinese market.
The Japanese automaker, which is currently involved in joint ventures with both China FAW and Guangzhou Automobile, intends to restructure its ties with these Chinese firms through this new alliance. The primary objective is to further promote electric vehicle technology and enhance smart features in their vehicles.
According to the announcement made Thursday, Guangzhou Automobile Group will acquire China FAW's 50 percent equity stake in FAW Toyota through a stock issuance. Following the completion of this share transfer, China FAW will become a key strategic shareholder of Guangzhou Automobile.
The three automakers plan to leverage this new framework to strengthen their collaboration in areas such as research and development, procurement, production, and sales.
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