Mazda claims commitment to Ford relationship
- Source: Shanghai Daily
- [08:47 December 07 2010]
- Comments
Japanese auto maker Mazda remains committed to its 30-year-old technical and strategic alliance with Ford, although the American company is no longer its top shareholder, Mazda's chief said Monday.
Ford cut its stake in Mazda from 11 percent to 3.5 percent last month.
Mazda Motor Corp President and Chief Executive Takashi Yamanouchi said the two companies will continue to cooperate through joint ventures and technology exchange, and Mazda has no plans to find a new equity partner.
"I think it's natural for people to think that Ford is moving away from Mazda, but I also want to draw attention to the fact that they still decided to retain a 3.5 percent stake in Mazda," Yamanouchi said.
The Michigan-based auto maker became Mazda's biggest shareholder in 1979 when the iconic Japanese car maker was near collapse. It raised its stake to 33.4 percent in 1996, but then reduced that investment to 13 percent in 2008. It had declined to about 11 percent more recently.
In addition to helping Mazda avert bankruptcy, the Hiroshima-based automaker benefited from Ford's expertise in marketing, sales and financing, Yamanouchi said. Meanwhile, Mazda helped Ford executives with manufacturing and quality control, he added.
