FAW, Toyota, and GAC officially sign agreement.
On Oct 8, China FAW Co., Ltd., Toyota Motor Corp., and Guangzhou Automobile Group Co., Ltd. signed a new strategic cooperation framework agreement in Guangzhou, marking a new stage in their joint ventures.
Image source: FAW
Under the agreement, GAC plans to purchase the 50% stake in FAW Toyota Motor Co. held by FAW through a share issuance. After the transaction, FAW Toyota will continue as an independent operating entity, while FAW will become a key strategic shareholder of GAC. Going forward, FAW Toyota and GAC Toyota will coordinate operations in R&D, procurement, production, and sales.
Previously, FAW and GAC Group had signed a strategic cooperation framework agreement, planning to leverage asset-capital linkage and technological innovation to expand cooperation boundaries and drive efficient cross-regional synergy of industrial resources. Against this backdrop, the three parties decided to build a new strategic cooperation framework through consultation.
Historically, FAW and Toyota reached a comprehensive strategic cooperation agreement as early as 2002, while GAC and Toyota established a joint venture in 2004. For years, the three parties have deepened their presence in R&D, production, sales, and service through FAW Toyota and GAC Toyota. To date, the two joint ventures have accumulated over 23.56 million users in China.
Under the new framework, the three parties will drive FAW Toyota and GAC Toyota to reinforce each other and boost competitiveness, leveraging their respective strengths to accelerate the electrification and intelligent transformation of both joint ventures.
Gasgoo Take: This isn't a simple equity reshuffle; it's a strategic integration of the joint venture system in China by FAW, GAC, and Toyota. The arrangement explicitly keeps FAW Toyota operating independently, with the focus on driving synergy with GAC Toyota in R&D, procurement, production, and sales. The goal is to boost resource efficiency and create room to adjust for electrification and intelligent technologies.
Geely Auto officially enters Canadian market
On Oct 9 local time, Geely Auto, the core brand of Geely Auto Group, announced its official entry into the Canadian market. The move is seen as a critical step in Geely's globalization strategy and marks substantial progress in its North American market layout.
Image source: Geely Auto
Geely Auto has completed its corporate establishment in Canada and launched operations, currently moving forward with building a local retail and service network to prepare for the rollout of its first models to Canadian consumers in 2027. Geely Auto Canada will combine the group's global technological reserves with local market insights, developing targeted products and services around local driving conditions in Canada to steadily establish a foothold.
Regarding distribution and service, Geely plans to partner with local dealerships familiar with the market and possessing deep community resources to build a service support system covering the full vehicle ownership lifecycle, ensuring after-sales service quality. Geely considers a robust retail and service network a core element for success in Canada.
Geely says its confidence in entering the Canadian market stems from its accumulated systemic strength in vehicle engineering, safety technology, electrification, intelligent tech, and advanced manufacturing. To date, products from brands under Geely Auto Group—including Geely, ZEEKR, and Lynk & Co.—have entered over 100 countries and regions. Supporting this layout is a global R&D and design network focused on R&D, electrification, product development, and next-gen automotive technologies.
In terms of sales performance, Geely Auto's overseas business is experiencing rapid growth. From January to September 2026, cumulative sales reached 2.235 million units, a record for the period. In overseas markets, cumulative exports exceeded 797,000 units in the first nine months, an increase of 169% year-on-year. Single-month exports in September surpassed 106,000 units, up 162% year-on-year, marking the fourth consecutive month of exports exceeding 100,000 units. New energy vehicle exports saw significant growth, with September NEV exports exceeding 73,000 units—a significant 403% year-on-year increase.
Gasgoo Take: Entering the Canadian market is a key move in Geely's ongoing push for overseas localization. The simultaneous build-out of local entities, dealerships, and service networks, combined with rapidly growing export figures, will solidify the systemic foundation for delivering its first models to Canadian consumers in 2027.
Luxshare takes 100% control of BWI Group
On Oct 9, BWI Group's controlling shareholder, Zhangjiakou Industrial Investment Holding Group, successfully completed the share transfer of BWI Group to Luxshare Precision in Shanghai. The three parties jointly announced that Luxshare Precision has acquired and now holds 100% of BWI Group.
Image source: BWI Group
Following the transaction, BWI Group officially became a wholly-owned subsidiary of Luxshare Precision, fully integrating its automotive chassis business to cover three major systems: suspension, braking, and steering. This integration not only marks a new development stage for BWI Group but also solidifies Luxshare Precision's comprehensive competitive advantage and system integration capabilities as a Tier 1 supplier in the smart chassis sector.
Regarding global layout, the business integration expands Luxshare Precision's R&D and manufacturing network in automotive chassis across four core automotive regions: China, Europe, North America, and South America. It now comprises eight R&D centers, seven production bases, and two test tracks, further strengthening its capabilities in global R&D and local supply.
Gasgoo Take: Luxshare Precision's 100% acquisition of BWI Group integrates suspension, braking, and steering systems into its operations, further cementing its status as a smart chassis Tier 1 with strong system integration and global delivery capabilities. The key now lies in business integration and the onboarding of customer projects.
FORVIA HELLA secures two production orders
FORVIA HELLA recently secured two production orders for highly integrated EnergyCore solutions: a three-in-one high-voltage battery management system and a 48V PowerPack. This marks a significant step in the FORVIA group's IGNITE strategy, signaling its transition from a supplier of battery and power electronics components to an integrated system solutions provider.
Image source: FORVIA HELLA
The two systems are set for delivery to international OEMs in the Americas and Europe, respectively. The total order value amounts to hundreds of millions of euros, with production scheduled to start in December 2027 and spring 2028. Prior to this, FORVIA HELLA secured a project award for a 12-volt lithium-ion battery pack in the Chinese market, with development and production work currently underway.
Regarding the three-in-one high-voltage BMS, FORVIA HELLA has integrated the Battery Management Unit (BMU), Cell Measurement Unit (CMU), and Battery Junction Box (BJB) into a single unit—one of the industry's earlier solutions to achieve this functional trifecta.
This architecture directly controls the high-voltage current path between the battery and the vehicle, improving system response speed and functional safety. By optimizing the cell monitoring scheme, it reduces the number of CMUs required, thereby lowering the total part count, wiring workload, installation space, overall weight, and system cost. While initially developed for large full-hybrid vehicles, its scalable architecture can adapt to the customization needs of different OEMs and various battery pack designs, with core design concepts transferable to pure electric vehicles.
The 48V PowerPack integrates a low-voltage DC/DC converter and a low-voltage BMS into a single solution to reduce system complexity, control overall costs, and cut component count. Primarily used in hybrid models, it works with the vehicle's original 12V battery to enable functions like energy recovery and coasting with the engine off. In terms of functional safety, the system achieves an ASIL-D+ safety rating through multiple safety mechanisms and diagnostic functions, outperforming conventional ASIL-B solutions.
Competition in battery management is shifting from individual components to system-level integration capabilities. Both products reflect FORVIA HELLA's pursuit of "fewer parts, lighter weight, lower cost, and higher safety." Production for both is now entering the preparation phase.
Gasgoo Take: FORVIA HELLA's two production orders signal recognition of its highly integrated EnergyCore solutions by international OEMs in the Americas and Europe. The value proposition covers cost reduction, weight reduction, space saving, functional safety, and architectural adaptability, highlighting the industry shift from standalone battery management components to system-level solutions.
OPmobility signs agreement to acquire Hyundai Mobis lighting business
Global automotive supplier OPmobility recently announced a final agreement with Hyundai Mobis to fully acquire Mobis's lighting business for an enterprise value of 600 billion won (approximately 390 million euros, based on the exchange rate on Sept 29, 2026).
Image source: OPmobility
The target of the transaction is Hyundai Mobis's lighting business. Financial data shows the business generated full-year revenue of 2.5 trillion won (approximately 1.6 billion euros) in 2025, with a positive operating margin. In terms of production layout, it operates five factories across South Korea, China, Mexico, and the Czech Republic.
OPmobility noted that upon completion, its lighting business will see further expansion in operational scale, technological capabilities, customer coverage, and global footprint. Integrating the business into the group will be a significant move to boost the performance of its existing lighting operations. The deal also aligns with OPmobility's diversification strategy, bringing gains across product portfolios, customer resources, and regional market layouts, while strengthening its competitiveness in the rapidly evolving mobility sector.
Regarding the financial impact, a key market concern, OPmobility clarified that the acquisition is not expected to significantly affect the group's deleveraging strategy.
Under the current schedule, the transaction is expected to close in the second half of 2027. Before then, it must still pass antitrust reviews and secure approvals from relevant regulatory bodies.
Public records show OPmobility was founded in 1946 and is headquartered in Paris. As a global player in sustainable mobility, its business covers four areas: exterior and lighting systems, complex module integration, clean energy and power batteries, and hydrogen storage systems. The group is guided by innovation and committed to creating value for the global auto industry. In 2024, group sales exceeded 11.6 billion euros, with 38,900 employees, 152 factories, and 40 R&D centers worldwide.
Gasgoo Take: OPmobility's proposed full acquisition of Hyundai Mobis's lighting business will secure a more complete customer and regional layout. It is a significant step in expanding its lighting division and advancing diversification, though the ultimate outcome will depend on regulatory approvals, closing, and subsequent integration.
Gentherm completes acquisition of Modine's High-Performance Technologies business
Global thermal management and precision fluid management company Gentherm (NASDAQ: THRM) announced it has completed the acquisition of Modine's High-Performance Technologies business. The transaction was first disclosed on Jan 29 of this year.
Image source: Gentherm China
Under the deal terms, Gentherm has acquired the Modine brand rights, domains, and related trademarks, and will continue to operate the business under the "Modine" name. Meanwhile, the original Modine company (NYSE: MOD) plans to officially rename itself "Modexus Solutions" after securing shareholder approval.
To mitigate volatility from the business split, Modexus Solutions will continue to use the "Modine" brand for its heat transfer solutions and HVAC technologies under its Commercial HVAC division, via a licensing agreement with Gentherm. Customers will continue to access original products and service support through the Modine brand system.
On the management front, Bill Presley continues as President and CEO of Gentherm, with Jon Douyard remaining as CFO. The former Modine High-Performance Technologies business will operate as an independent business unit under Gentherm, led by Katrin Schatz as Interim President. Schatz spent over 25 years at Modine, holding key roles in finance, engineering, and operations, and previously served as Vice President and General Manager of Modine's Global Automotive business.
The board of directors was adjusted accordingly. Pursuant to the merger agreement, Paul Mascarenas joined the Gentherm board on the closing date, bringing the total number of board members to 10.
Gasgoo Take: Gentherm's acquisition of Modine's High-Performance Technologies business, along with its strategy to retain the Modine brand, establish an independent division, and keep the core team, aims to mitigate transition risks for customers and operations. The ultimate success will depend on the smooth continuation of technology, service, and customer relationships.
