FAW, GAC formalize partnership as Toyota's China joint ventures face possible overhaul

China's state-owned FAW and GAC's controlling shareholder, Guangzhou Automobile Industry Group, have signed a strategic cooperation framework that could reshape Toyota's long-standing two-joint-venture model in the country. The move reflects Beijing's push for industrial consolidation, while global automakers watch for wider implications for capacity, assets, and competition in China's fast-changing auto market.