Toyota denies rumors of price cuts and exit from China

FAW Toyota, Toyota's joint venture in China, issued a statement denying reports that it is "slashing prices" or planning to exit the market entirely. The company said production, sales, and model update plans are on schedule and threatened legal action over false claims. Toyota's China sales fell 22.8% in August, the seventh straight monthly decline.

• FAW Toyota denies rumors of price cuts and exiting China
• Toyota's China sales fell 22.8% in August, the seventh straight drop
• GAC Group plans to acquire FAW's 50% stake in FAW Toyota
• The joint venture threatened legal action over false claims