China Auto Weekly: GAC Moves on FAW-Toyota, BYD Overseas Sales Jump, Geely Buys Into Nio Power

China’s automotive sector delivered another busy news cycle this week, with ownership reshuffles, surging export volumes and a fresh multi-billion-euro battery bet all landing within days of each other.

The most consequential structural move came from GAC, which has set out plans to acquire FAW Group’s 50% holding in their shared FAW-Toyota joint venture. If completed, the transaction would place both of Toyota’s Chinese manufacturing partnerships under GAC’s wing, simplifying a setup that has until now been split between two separate state-owned partners. Consolidating Toyota’s local production under one roof could give the Japanese automaker a cleaner decision-making channel in its largest market outside Japan, at a time when legacy foreign brands are under heavy pressure from domestic EV champions.

BYD, meanwhile, posted a 17% year-on-year rise in September sales, a figure driven largely by its overseas business: export volumes climbed 152% compared with the same month a year earlier. That gap between modest domestic growth and explosive international expansion illustrates where the company’s momentum now sits, as it pushes into Europe, Southeast Asia and Latin America while its home market becomes increasingly crowded and price-competitive.

Battery supply chains also saw a significant commitment. Gotion is preparing to invest roughly €3.22bn (US$3.68bn) alongside Volkswagen’s PowerCo unit across three joint ventures covering battery cells and materials. The tie-up deepens the already close relationship between the Chinese cell maker and its German part-owner, and signals that European OEMs continue to view localised battery production as a strategic priority rather than a discretionary spend.

In the charging and swapping arena, Geely has signed definitive agreements to take a 30% stake in Nio Power, the battery swap and charging arm of Nio. The deal links two of China’s most prominent electrification players and gives Nio Power additional backing as it looks to widen its swap network beyond its own vehicle fleet. Together, these developments sketch a market in which consolidation, export-led growth and cross-border capital are reshaping the competitive map.