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Mazda increases stakes in Chinese joint venture by 15%
Shanghai. October 30 (Gasgoo.com) – Japanese automaker Mazda Motor Corp has reached a purchase deal with FAW Mazda Motor Sales Co, Chinese media Beijing Morning News reported today.
Under the purchase deal, Mazda Motors will increase its stake in the joint venture up to 40% from 25%, the report said.
FAW Mazda Motor Sales Co was established in 2005 as a three-party joint venture between Mazda Motor Corp (25%), First Auto Works (5%) and its subsidiary' FAW Car Co (70%). After the purchase deal, Mazda Motor will hold 40% stake of the joint venture; FAW and FAW Car Co will each hold 56% and 4% of the joint venture.
Separately, FAW Mazda Motor Sales Co will transfer its sales of Mazda3 to the Chongqing-based Chang'an Ford Mazda Co starting on January 1, 2008. This means Mazda models made by Chang'an Ford Mazda and FAW will be sold in two separate networks in China since the beginning of 2008.
In addition, Chang'an Ford Mazda will start to produce Mazda 2 at its Nanjing plant and will also import Mazda 5 to China by the end of this year.
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