|Wednesday, 30 January 2019, 15:52 HKT/SGT|
|Mazda acquires Ford's stake in Changan Ford Mazda Engine Co., Ltd.|
HIROSHIMA, Japan, Jan 30, 2019 - (JCN Newswire) - Mazda Motor Corporation has purchased in full Ford Motor Company's stake in Changan Ford Mazda Engine Co., Ltd. (located in Nanjing, China), a joint venture between the two companies and Chongqing Changan Automobile Co., Ltd. In line with the change to a 50:50 ownership structure (Mazda and Changan), the name has been changed to Changan Mazda Engine Co., Ltd.
Changan Ford Mazda Engine Co., Ltd. was established in September 2005 with Changan owning 50 percent of shares and Ford and Mazda 25 percent each. It began production of engines for Mazda cars in April 2007. After the name change, the plant will continue to produce Skyactiv-G 1.5-, 2.0- and 2.5-liter gasoline engines for supply to Changan Mazda Automobile Co., Ltd. (also in Nanjing), which produces the Mazda CX-8, Mazda CX-5 and Mazda3 (called Axela in Japan) for the Chinese market.
Through joint venture projects with partner Changan, Mazda aims to strengthen its business in China and contribute to the growth of the automotive industry. The company hopes to build a strong bond with Chinese customers by continuing to deliver attractive and high-quality vehicles that drive home the value of car ownership.
Overview of Changan Mazda Engine Co., Ltd.
Name: Changan Mazda Engine Co., Ltd.
Established: Sept. 27, 2005 (Founded as Changan Ford Mazda Engine Co., Ltd.)
Located: Jiangning District, Nanjing, China
Employees: 1,258 (as of December 2018)
Capital ratio: Changan (50%) Mazda (50%)
Capacity: 430,000 units per year
Mazda engines: Skyactiv-G gasoline engines (1.5-, 2.0-, 2.5-liter)
History of Mazda engine production in China
Apr 2005 - Mazda, Ford and Changan sign joint venture contract for new engine plant
May 2005 - Government approval received
Sep 2005 - Changan Ford Mazda Engine Co., Ltd. established, groundbreaking ceremony
Apr 2007 - Production of engines for Mazda cars begins
Jun 2013 - Production of Skyactiv engines begins
Jan 2019 - Mazda buys Ford?s stake, name changed to Changan Mazda Engine Co., Ltd.
Mazda Motor Corporation (TSE: 7261) started manufacturing tools in 1929 and soon branched out into production of trucks for commercial use. In the early 1960s, Mazda launched its first passenger car models and began developing rotary engines. Still headquartered in Hiroshima in western Japan, Mazda today ranks as one of Japan's leading automakers, and exports cars to the United States and Europe for over 30 years. For more information, please visit www.mazda.com
Corporate Communications Division
Mazda Motor Corporation, Japan
Jan 30, 2019 15:52 HKT/SGT
Topic: Press release summary
From the Asia Corporate News Network
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