Ford Motor Company (NYSE:F) is seeking a separation from Mazda and Changan in China. Ford and Mazda would set up separate joint ventures with Changan afterwards.
“They have submitted a joint proposal to the Chinese government to split up the partnership. Ford’s new JV with Changan will be based in Chongqing, while Mazda’s venture will be based in Nanjing,” stated a Reuters source. Ford reduced its ownership in Mazda to about 11% from one-third between 2008 and now. Ford wanted to free up some cash. [Reuters]