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Caixin Global

Business

Zhai Shaohui, Yu Cong and An Limin

Cover Story: FAW-GAC Deal Tests a New Path for China’s Auto Consolidation

GAC FAW Toyota China Changchun

The proposed deal could deepen ties between the two state-owned carmakers while offering policymakers a market-oriented model for restructuring the industry.

A long-discussed restructuring between state-owned carmakers China FAW Group Co. Ltd. and Guangzhou Automobile Group Co. Ltd. (GAC) (601238.SH) has shifted into a higher gear.

On Sept. 14, GAC disclosed that it had signed a letter of intent that day with FAW Co. Ltd., a wholly owned subsidiary of FAW Group. GAC plans to issue shares on the mainland to acquire the subsidiary’s stake in a joint venture (JV). Caixin has learned that the latter is FAW Toyota Motor Co. Ltd. Details of the deal remain under negotiation.

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