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754,000 units sold across the respective Toyota joint ventures of Guangzhou Automobile Group Company (GAC) and FAW Group in the first eight months of 2026, with GAC Toyota Motor Company down 24% year-on-year to 375,000 units and Tianjin-based FAW Toyota Motor Company at 379,000 vehicles on a 13% decline.
Against that combined volume drop, GAC Group has signed a letter of intent to acquire part of FAW Group's 50% stake in an as-yet unnamed joint venture with a foreign automaker believed to be Japan's Toyota Motor Corporation.
| Joint venture | Units (Jan-Aug 2026, reported) | YoY | |---|---|---| | GAC Toyota Motor Company | 375,000 | -24% | | FAW Toyota Motor Company | 379,000 | -13% | | Combined | 754,000 | n/a | The transaction, if completed, would represent a significant restructuring within China's state-owned automotive industry.
GAC Group plans to issue new A shares to fund the stake purchase. FAW Group would receive those shares and become GAC Group's second-largest shareholder.
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