Guangzhou Automobile Group Co., Ltd. (GAC Group) announced on the evening of September 28 that it plans to acquire a 50% stake in FAW Toyota Motor Co., Ltd. (FAW Toyota).

According to the announcement, GAC Group plans to acquire the 50% stake in FAW Toyota held by China FAW Corporation Limited through a share issuance, and simultaneously raise supporting funds for the share issuance. The number of shares issued this time will not exceed 30% of GAC Group's total outstanding shares prior to the share issuance for supporting funds.

This signifies a major advancement in the long-anticipated "strategic cooperation" between FAW and GAC. This initiative is not only an active response by both companies to the nation's call for high-quality development of the automobile industry but also a strategic collaboration that both companies are pursuing based on market development trends and their own development needs, indicating that their cooperation is entering a new stage of strategic coordination. (Provided by/CGTN Japanese)