FAW and GAC formalize partnership as Toyota's China JVs face overhaul

China's state-owned FAW and Guangzhou Automobile Industry Group, controlling shareholder of GAC, signed a strategic cooperation framework. The deal could reshape Toyota's long-standing two-joint-venture model in China.

• FAW and Guangzhou Automobile Industry Group signed a framework deal
• The move may affect Toyota's two-joint-venture model in China
• Partnership covers strategic cooperation between state-owned firms