搜尋歷史
熱門搜尋
經銷商登入 / 註冊
Do not only approach everything from the perspective that China's strongest joint-venture automaker is about to be born.
Although, in recent years, the topic of merging North and South Toyota has been frequently mentioned, supported by a large amount of factual evidence. However, when it comes to the current new alliance topic between FAW Group and GAC Group, it is merely superficial significance, not the true core.
Ordinary people prefer calculating small ledgers, while what truly changes the original operating laws of life and things is a big ledger.
In simple terms, this is a ledger of a win-win for North and South.
A plan, a press conference, a clear signal
On September 14, GAC Group's stock price surged wildly. That evening, GAC Group announced that the company signed an "Letter of Intent" with China First Automobile Works Co., Ltd., planning to purchase part of the equity of a certain complete vehicle joint venture held by FAW shares via share issuance, and raise supporting funds. The current transaction is expected to constitute a major asset restructuring and related-party transaction, but does not constitute a change in actual controller or restructuring listing.
The general interpretation in the automotive industry is that North Toyota and South Toyota may proceed according to the previous merger plan, and the new round of equity structure will break many previous problems. But in fact, if viewed from a more macro perspective, this is somewhat neglecting the principal and grasping the secondary.
On September 9, 2026, the Ministry of Industry and Information Technology and nine other ministries jointly issued the "15th Five-Year Plan for the Development of Intelligent Connected New Energy Vehicles", where one very important point is "Increase the intensity of merger and restructuring of automobile enterprises according to law and regional integration, and deeply promote the group management reform of automobile production enterprises."
Two days later on September 11, the Ministry of Industry and Information Technology held a press conference. Relevant bureaus clearly stated that they will actively support large enterprise groups in carrying out reforms, promote mergers and restructuring between enterprises in a market-oriented and rule-of-law manner, support backbone enterprises to effectively integrate R&D, production and other resources, and avoid homogenized competition in product design and technical research and development.
Equity cooperation between GAC Group and FAW Group is undoubtedly a practical action and specific measure to implement the deployment requirements, which will play a demonstration and guiding role in resource integration and optimization of the domestic intelligent connected new energy vehicle industry.
From the perspective of alliance, this does not belong to the equity cross-over or channel mutual use that occurred before. Instead, it is the deep collaborative allocation of state-owned assets.
In short, it is a new model of central enterprises and local state-owned enterprises exploring lightweight equity binding and deep collaboration. That is, removing the mode of fighting independently and integrating into a consolidated force mode, accelerating the healthy development of China's automotive industry, and the speed of breaking problems globally.
State-owned automakers have long existed problems such as scattered layout, capacity mismatch, fragmented R&D, and homogenized competition. Each family invests independently in new energy, smart driving, and automotive-grade chip tracks. Technical results are difficult to share, and core technology research efficiency is relatively low. FAW and GAC cross-level integration fits the high-quality development of the automotive industry and the "15th Five-Year Plan" upgrade direction, providing a demonstration for state-owned automaker resource integration. Both parties will form an industrial alliance with an annual production and sales of over 5 million vehicles, coordinate north and south capacity, optimize existing stock, strictly control new low-efficiency capacity, and alleviate the structural contradiction of low-end oversupply and high-end insufficient supply. Concentrate resources to crack key areas such as solid-state batteries, intelligent assisted driving, in-vehicle operating systems, and automotive-grade chips to make up for industrial short boards.
Obviously, all of the above are explicit answers.
FAW has deep cultivated the northern market, owning Hongqi, Jiefang, and a high-quality joint venture system, with prominent chassis and reliability R&D strength; GAC is based in South China, relying on Trumpchi, Aion, Hyper, Qijing and other self-owned brands to create a mature new energy system, with obvious advantages in batteries, pure electric platforms, intelligent cockpits, and overseas market operations. After implementing strategic cooperation, the market side relies on the complementarity of North and South channels to perfect the national layout and avoid homogenized competition; centralized supply chain procurement improves bargaining power and enhances supply chain resilience. Overseas coordination of passenger and commercial vehicles going overseas, unified strategy, avoid low-price malicious competition, accelerate brand internationalization, and improve corporate profitability and anti-cyclical capability.
How to calculate the North-South Win-Win Ledger?
The general feature of the era is that relying on joint ventures, fuel vehicles, traditional luxury brands, and other development models, becoming increasingly weak.
North-South win-win, both have their own aces. The 1+1 greater than 2 feature has become explicit. First, in terms of user perception, while both are deep cultivating the North and South of China respectively, they have full awareness and user dependence in their advantageous regions. Secondly, in terms of top-level brands, the cognitive empowerment and fame brought by Hongqi. Thirdly, the user credibility brought by adding the two. In addition to these, there are deeper win-win characteristics.
Taking GAC Group as an analysis sample, its characteristics generally include: Going Global, Technology, Standards, and other major blocks.
In terms of exports, January to August, GAC Group's cumulative export volume reached 172,000 vehicles, a year-on-year growth of 136%. Among them, August GAC overseas business continued to maintain triple-digit growth, with self-owned brand exports close to 27,000 vehicles, a year-on-year growth of 177%. And, GAC has shifted from early product trade exports to deep local operations. As of the first half of this year, it has built 7 overseas KD plants (covering Thailand, Malaysia, Nigeria, Austria, Indonesia, Cambodia, Kazakhstan), 9 major overseas parts warehouses, and the first overseas self-owned battery PACK plant has started construction.
In fact, the "Overseas GAC" has initially taken shape.
From the perspective of technology, it is divided into external and internal major blocks. Externally, currently entering forward-looking cross-border layout and investment and financing strategy enter the return period. Since 2026, Changxin Technology, Momenta, and other 20 invested companies have listed successively. Internally, GAC Group itself is one of the few enterprises in China's automotive industry that have full-stack self-research capabilities in the Three Electrics and intelligent connected fields.
Latest results show that at the GAC Tech Day held in April 2026, GAC Group concentrated on launching the latest results in the fields of Brand New Star Origin Power, Starship Body, Galaxy Smart Cockpit, Star Spirit Architecture 4.0, and Chip Ecosystem, comprehensively covering core fields such as power system, body safety, intelligent cockpit, and electrical and electronic architecture. Among them, the latest technology of Star Origin Power was mass-produced in two months after launch, implemented with Trumpchi Wangxiang E8 PHEV, M8 PHEV L and other models; Starship Body technology completed mass production installation in the first month after launch, with Hyper S600 and other models; the latest Galaxy Smart Cockpit ADiGO 7.0 was mass-produced in August through Trumpchi Yue 7 first launch.
Additionally, in more forward-looking technologies, the embodied intelligence, flying cars, and Robotaxi and other forward-looking tracks that GAC Group deeply laid out in the first half of this year have begun to shift from technology R&D to commercial trial operation. The humanoid robot company Huilun Technology incubated and established by GAC Group has completed financing of over 100 million yuan. Its commercial main product GoMate Mini has entered normalized commercial operation, deployed nearly 50 units in 7 scenarios, obtained nearly 10 million yuan in orders, and was officially included in the Chinese Security Force System. In terms of flying cars, the first half of the year Gaoyu Technology Huangpu plant has put into production, and the first flying car GOVY AirCab went off the assembly line simultaneously. In terms of Robotaxi, the Robotaxi R2 built by GAC and Didi was delivered at the beginning of the year and obtained road test qualifications in Beijing and Guangzhou. At the same time, it operates over 550 Robotaxis in multiple core areas of the Greater Bay Area through its smart mobility platforms such as Ruqi Mobility. Service stations have exceeded 20,000, and it is planned to build a fleet of 10,000 scale Robotaxis through open cooperation models within 5 years, and service expansion to 100 cities nationwide.
According to official information from GAC Capital, GAC has previously invested in over 140 companies around automotive chips, autonomous driving, new energy batteries and other core links. Since 2026, Changxin Technology, Momenta, Basic Semiconductor, Rongjie Electronics, HKC, Tianhai Electronics, and other 20 invested companies have listed successively. So far, GAC has had 49 invested companies listed in the capital market.
The 140 companies previously invested and laid out also include Horizon Robotics, Yuexin Semiconductor, Basic Semiconductor, Pony.ai, WeRide, Changxin Technology, Momenta, Qingtao Technology and other technology companies. From the investment list, GAC has "invested" all key links such as core chips, autonomous driving, and new energy batteries. This is not only financial investment, but also an "industrial security net".
In addition, in April 2025, GAC Group released a chip product matrix composed of 12 automotive-grade chips, and formally initiated the domestic first "Automotive Chip Application Ecology Co-construction Plan".
This end-to-end mechanism of "Vehicle Definition - Joint R&D - Scenario Verification" provides complete system support for the rapid development and vehicle-mounted verification of subsequent domestic automotive-grade chips, greatly shortening the landing cycle of chips from the laboratory to mass production vehicles. In just one year, GAC worked with domestic top-tier scientific research power to successfully develop 51 industry-leading chip products, filling multiple industry gaps. Currently, GAC has joined hands with 105 ecosystem partners, completed the joint definition development and application verification of nearly 400 chips, and first built an end-to-end linkage verification platform.
Furthermore, Qijing's second new car in the L3 autonomous driving field, which is currently leading, is about to be launched, and it is most likely to change the price setting standard for L3-level true mass commercialization.
At the end:
With this, it can also be speculated that the turning point of the Chinese automotive industry has arrived.
Whether it is Geely Auto in the first half of this year or Leapmotor, both can deliver high scores in today's fierce global automotive market because of their thinking breakthrough on integration and efficiency.
Obviously, the new alliance between GAC and FAW before our eyes is also practicing the same thinking.
As for what turning point it will bring.
First, the new alliance between GAC and FAW, once able to break the traditional barriers in capital and operating methods, will become a new learning model for new integration possibilities in the entire automotive market.
Secondly, the degree of integration in technology, both are experts in fields with their own characteristics. If they can break through many barriers among them, the explosive power and sustainability will be rare in history.
