FAW Group and Toyota China Sign MoU to Import Auto Parts at CIIE 2024
FAW Group and Toyota China have signed a memorandum of understanding to begin importing CKD parts from Toyota starting in 2025.
over 3 million units
What Happened
On November 5, at the seventh China International Import Expo (CIIE) in Shanghai, FAW Group Corporation and Toyota Motor (China) signed an MoU for importing auto parts. The ceremony was attended by FAW Chairman Qiu Xiandong and Toyota China Senior Executive Vice President Dong Changzheng. Under the agreement, FAW Toyota will import CKD parts from Toyota China starting in 2025.
The two companies aim to collaborate closely to provide users with high-quality travel experiences and contribute to the sustainable development of China's automotive industry. FAW, founded in 1953, is China's oldest and largest automotive group, with annual sales exceeding three million units.
Why this matters
The partnership deepens cooperation between two major automotive players, supporting local production and ensuring a high-quality travel experience for customers.
Terms in This Story
- MoU
- Memorandum of Understanding, a non-binding agreement outlining the terms of a future partnership.
- CKD parts
- Completely Knocked Down parts, components shipped in kits for local assembly.
- CIIE
- China International Import Expo, an annual trade fair in Shanghai promoting imports into China.
Summarised from the linked release; details can be imperfect — always verify against the original source.