Mazda takes 15 pct stake in China's Changan Ford
The Chinese government has approved the transfer of a 15 pct stake in Changan Ford Automobile Co Ltd from Ford to Mazda Motor Corp
BEIJING (AFX) - The Chinese government has approved the transfer of a 15 pct stake in Changan Ford Automobile Co Ltd from Ford to Mazda Motor Corp, Mazda said.
In a statement on its website, Mazda said the restructured company has been renamed Changan Ford Mazda Automobile Co Ltd (CFMA).
No financial details were provided.
Following the transfer, Changan Auto, Ford and Mazda hold 50 pct, 35 pct and 15 pct in CFMA respectively.
'The equity restructuring of Changan Ford has brought the partnership among Ford, Mazda and Changan in China to a closer and more substantial stage,' Ford Motor (China) Ltd chief executive Mei Wei Cheng said in the statement.
Mazda, Ford and Changan have been developing their strategic partnership in China over the past two years.
The three parties are jointly building a vehicle assembly plant in Nanjing, which will produce both Mazda and Ford brand cars.
The plant, which will have an initial annual capacity of 160,000 units, is expected to open in 2007.
The three automakers are also expanding Changan Ford's Chongqing plant, part of which will be used to produce the Mazda3.
The Chongqing facility will have an annual capacity of 200,000 units by May, Mazda said.
In addition, Changan Ford Mazda Engine Co Ltd's engine assembly plant in Nanjing will become operational in 2007.
Citing Kiyoshi Ozaki, head of China strategy for Mazda, the statement added that the Mazda aims to produce and sell 300,000 units in the Chinese market by 2010.
Mazda sold 133,778 vehicles in China last year, up 51 pct from 2004.
In a statement on its website, Mazda said the restructured company has been renamed Changan Ford Mazda Automobile Co Ltd (CFMA).
No financial details were provided.
Following the transfer, Changan Auto, Ford and Mazda hold 50 pct, 35 pct and 15 pct in CFMA respectively.
'The equity restructuring of Changan Ford has brought the partnership among Ford, Mazda and Changan in China to a closer and more substantial stage,' Ford Motor (China) Ltd chief executive Mei Wei Cheng said in the statement.
Mazda, Ford and Changan have been developing their strategic partnership in China over the past two years.
The three parties are jointly building a vehicle assembly plant in Nanjing, which will produce both Mazda and Ford brand cars.
The plant, which will have an initial annual capacity of 160,000 units, is expected to open in 2007.
The three automakers are also expanding Changan Ford's Chongqing plant, part of which will be used to produce the Mazda3.
The Chongqing facility will have an annual capacity of 200,000 units by May, Mazda said.
In addition, Changan Ford Mazda Engine Co Ltd's engine assembly plant in Nanjing will become operational in 2007.
Citing Kiyoshi Ozaki, head of China strategy for Mazda, the statement added that the Mazda aims to produce and sell 300,000 units in the Chinese market by 2010.
Mazda sold 133,778 vehicles in China last year, up 51 pct from 2004.
