Cash-strapped a year ago, Ford reduced its stake in the Japanese automaker from 33 percent to 13 percent, raising $540 million and losing a seat on Mazda's board of directors. But Ford maintained its position as the largest single shareholder, and remains tied to Mazda by supplying Mazda with engines and power trains, The Detroit News reported Tuesday.
The two companies also collaborate on joint projects in China, Thailand and South Africa.
"We're still dependent on each other," Ford's head of global product development Derrick Kuzak. "You cannot change that overnight."
"Beyond that, we're always open to considering new opportunities to work together," he said.
Ford's Chief Financial Officer Lewis Booth said, "we do things together" when it works for both, "and where it doesn't, we don't."
Mazda's executive vice president for manufacturing Masaharu Yamaki expressed similar sentiments. "Our strategic alliance will remain intact. Ford will remain an important partner for Mazda," he said.
Copyright 2009 by United Press International.
Post new comment