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00:02Toyota's two main Chinese partners could move closer together as shrinking demand and intense
00:07competition pressure automakers to cut costs, according to Reuters. Guangzhou Automobile Group
00:12said it plans to acquire part of FAW Group's stake in an unnamed joint venture with an
00:16overseas-listed company. Chinese state media identified the venture as FAW Toyota. Analysts
00:22said the potential deal could reduce overlapping investment and make Toyota's China sales and
00:27distribution more efficient. Toyota's two Chinese joint ventures accounted for 7% of passenger
00:32vehicle sales during the first eight months of the year, down from their number two combined
00:36ranking in 2021. S&P Global Ratings expects broader auto industry restructuring over the next two
00:42to three years. For all things money, visit Benzinga.com.
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