In late 2010, Mitsubishi and Guangzhou Automobile Group signed a memorandum of understanding to set up a new equally owned joint venture by restructuring Changfeng. Although this would have required Mitsubishi to increase its ownership to fifty percent, in 2011 Mitsubishi sold its entire stake in the company, instead. In October 2012, GAC and Mitsubishi Motors announced the new joint venture, GAC Mitsubishi Motors Co., Ltd., would take over ″the factory (Xing Sha Factory), supply-chain, distribution channel and marketing know-how available from GACCF″.