Ford's Fleming says he's happy with Mazda tie-up

Ford Motor Co (F.N), which owns 11 percent of Mazda Motor Corp (7261.T), has not yet fully discussed its long-term relationship with the Japanese automaker but is pleased with the current setup, a top Ford executive said on Thursday.

Ford global manufacturing and labor affairs chief John Fleming said his company and Mazda would continue to share manufacturing opportunities, which he said present themselves two or three times a year. But he shied away from making predictions on the longer-term relationship.

Fleming said Ford and Mazda would work together on a "project-by-project" basis.

"What happens longer term? I think that's still to be discussed, decided," Fleming told a UBS conference in London that was available live online. "Right now, I think we're happy with where we are with Mazda."

Ford sold its controlling stake in Mazda two years ago to free up cash, but its remains Mazda's largest shareholder. The Ford stake was reduced to 13 percent from one-third ownership in late 2008, and later to 11 percent when Mazda issued more shares to raise cash for investing in hybrid and other technologies.

Fleming emphasized the active tie-up of the companies, saying they are partners in a $350 million investment in a Thailand plant to build the next generation of compact pickup trucks. Production is to start in mid-2011.

Two months ago, Ford and Mazda opened a $500 million plant in Thailand to build Ford Fiesta and Mazda2 passenger cars.

Ford is cutting the number of platforms for its vehicles to 12 by 2013 from 25 in 2009, when it had the most among its competitors, Fleming said.

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