At present Mitsubishi Motors holds a 14.59% stake in GAC Changfeng while GAC Group, one of the main players in the Chinese automobile industry, has 29.0%. Under the deal, GAC Group would delist GAC Changfeng from the Shanghai Stock Exchange and make it a new limited partnership corporation owned 50% by each firm.

According to Mitsubishi, the new joint venture is slated to begin operations after a share transfer agreement, joint venture agreement, and related agreements are signed, and permission and authorisation is granted by relevant authorities.

The two carmakers will now begin talks on future models, action plans, and production capacity plans, 'aiming to make the new joint venture company a base for collaborative business in China'.