China First Automobile Works Group Corp (FAW)?has worked out a detailed plan to create a listing vehicle, moving a step closer to a long-awaited initial public offering(IPO), its two listed subsidiaries said on Wednesday.

FAW would inject its 53 percent stake in FAW Car Co Ltd and 47.7 percent holdings in Tianjin FAW Xiali Automobile Co Ltd into the new company, capitalised at 78 billion yuan ($12.1 billion), according a stock exchange filing.

FAW would hold 99.6 percent of the listed vehicle, it added.

FAW controls 60 percent of FAW Volkswagen, which makes Volkswagen AG and Audi AG models. FAW Xiali holds 30 percent of its parent's venture with Toyota Motor Corp, with a portfolio including Vios, Corolla, Reiz and Crown sedans.

FAW's IPO plan has been postponed repeatedly because of its complicated shareholding structure and approval procedures. If the plan goes ahead, it would make FAW the last of China's big three auto groups to go public, following SAIC Motor Corp Ltd and Dongfeng Motor Group Co Ltd