Toyota, China carmakers sign alliance framework to speed up electrification

NAGOYA - Toyota Motor Corp. said Thursday it signed a framework agreement with Chinese state-owned automakers China FAW Corp. and Guangzhou Automobile Group Co. to accelerate electrification and intelligent vehicle development.

The announcement of the signing of what they call a strategic alliance framework agreement came as the Japanese automaker and the Chinese companies have been deepening their cooperation through their respective joint ventures -- FAW Toyota Motor Co. and GAC Toyota Motor Co.